Venezuela, which has the world’s largest supply of proven oil reserves, is a member of the organisation. Recent US pressure on Maduro’s regime, including the seizure of tankers carrying Venezuelan crude, forced the country to start shutting some oil wells. Crude prices have slumped in recent weeks to around $60 a barrel. One weekend retail trading product run by IG Group showed US crude prices at one point rising by close to $2 from Friday’s close. “We continue to operate in full compliance with all relevant laws and regulations.”The capture of Mr Maduro raises speculation over the fate of the Venezuelan oil industry in the longer-term.

Source: Irish Examiner January 04, 2026 15:31 UTC