Oil prices are moving lower as the market weighs prospects for adequate global supply this year, amid uncertainty surrounding Venezuela’s production following the arrest of Nicolas Maduro by the United States.

Brent crude fell by 1.72%, or $1.06, closing at $60.70 per barrel, while U.S. West Texas Intermediate (WTI) crude dropped by 2.04%, or $1.19, to $57.13 per barrel.

According to a Reuters poll conducted in December, market participants expect oil prices to face pressure in 2026 due to increasing supply and weaker demand.

Price pressures could intensify following Maduro’s arrest, as the likelihood grows that the U.S. embargo on Venezuelan oil could be lifted, a move that could lead to higher production.

According to a source cited by CNBC with knowledge of the matter, the administration of U.S. President Donald Trump plans to meet this week with executives from American oil companies to discuss boosting production in Venezuela.

The country is a founding member of OPEC and holds the world’s largest proven oil reserves—around 303 billion barrels. However, its oil sector has been in decline for years due to underinvestment and U.S. sanctions.

Venezuela’s average daily production last year stood at approximately 1.1 million barrels.

Analysts estimate that under conditions of political stability and with the support of U.S. investment, production could increase by as much as 500,000 barrels per day over the next two years.