LONDON (Jan 6): Oil prices edged slightly higher on Tuesday as the market weighed expectations of ample global supply this year against uncertainty around Venezuelan crude output after the US capture of President Nicolas Maduro. What seems obvious, nonetheless, is that oil supply will be sufficient in 2026, with or without an increase in production from the Opec member," said PVM Oil analyst Tamas Varga. The administration of US President Donald Trump plans to meet US oil executives this week to discuss boosting Venezuelan oil production, a person familiar with the matter told Reuters. Reliance Industries said it was not expecting any Russian crude oil deliveries in January, which could cut India's Russian oil imports this month to their lowest in years. President Trump had warned on Sunday that the US could impose further increases to import tariffs on India over its Russian oil purchases.

Source: The Edge Markets January 06, 2026 08:33 UTC