energyoutlook

Oil prices are holding steady around the $60 per barrel level, supported by expectations that global supply will outpace demand in 2026, according to the International Energy Agency. This surplus outlook has helped keep volatility in check, even as geopolitical headlines continue to circulate.

Venezuela’s impact on the global oil market has faded sharply and now accounts for less than 1% of total world supply, limiting the broader price impact of developments related to the country.

Current output is estimated between 800,000 and 1.1 million barrels per day, a steep drop from the more than 3 million barrels per day produced at its peak, highlighting how much its influence on global oil supply has declined.

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