Global oil prices have dropped to $61 per barrel amid ongoing instability in Venezuela, down from over $62 per barrel. The South American country’s 303 billion barrels of proven oil reserves—roughly 17% of the world total—continue to influence market sentiment.
Analysts warn that prices could fall further below $60 per barrel if tensions between the U.S. and Venezuela persist.
Meanwhile, OPEC+’s recent decision to pause production increases has yet to have a significant effect on the market. On January 4, 2026, eight OPEC+ nations confirmed they would hold off planned production boosts for February and March due to seasonal factors.
Petroleum economist Prof. Wumi Iledare described the move as a cautionary measure rather than a sign of crisis, aimed at minimizing market volatility.
“The key message is flexibility. The voluntary cuts of 1.65 million barrels per day can be restored gradually, in part or fully, depending on market conditions. With low inventories and a steady global economic outlook, the oil market remains broadly balanced,” he explained.
OPEC also noted that the participating countries “reiterated that the 1.65 million barrels per day may be restored gradually, in part or in full, and confirmed their intention to fully offset any overproduction since January 2024.”
“Sir Bartholomew White Ebe is a Lagos-based media personality, Music Artist, Producer, and a Relationship Coach and independent journalist. With over seven years of experience tracking political developments and cultural shifts in Nigeria, he specializes in local current affairs, grassroots politics, and community-driven reporting across Lagos State. As the founder and chief editor of Snow Multimedia Connect {SNOW TV}, he leads the editorial team to deliver verified, high-impact stories to digital audiences.”
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