Oil Prices Fall as Trump Says Venezuela Will Turn Over Up to 50 Million Barrels

OilPrice · Charles Kennedy · last updated January 6, 2026 – 4:59 PM

Oil prices extended losses in early Asian trade on Wednesday as President Trump claimed that Venezuela would be “turning over” between 30 and 50 million barrels of oil. Markets are increasingly seeing the capture of Maduro and growing U.S. pressure on Venezuela as bearish for oil prices, with expectations that more Venezuelan oil will hit an already oversupplied oil market. At the time of writing, West Texas Intermediate was trading at $56.32 a barrel, down 1.42%, while Brent crude had dropped 1.07% to trade just above $60. If Trump’s claims…

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