Venezuelan Supply Pressure Weighs on Oil as EOG Flags Multi-Quarter Impact

EOG Resources warned that increased oil exports from Venezuela are weighing on shale economics and are likely to keep crude markets under pressure for several quarters, adding to concerns about a more persistent supply overhang. On Wednesday, international benchmark Oil – Brent Crude slipped about 0.6% to $60.30 per barrel, while U.S. benchmark Oil – US Crude (West Texas Intermediate) declined roughly 1% to $56.53, as traders reacted to signals of sustained Venezuelan output and its impact on global balances and U.S. shale producers’ margins.

Over the past month, Oil – US Crude has fallen about 4.15%, reflecting mounting worries over excess supply and softer demand expectations; its 1-day technical outlook currently flashes a Strong Sell signal, indicating ongoing negative momentum in the short term. Oil – Brent Crude has tracked a similar pattern, retreating roughly 3.83% over the same period, with its near-term technical stance also rated Strong Sell, suggesting that investors remain cautious about the ability of the market to absorb Venezuelan and other incremental supplies. Investors can explore more updates, prices, and analysis across global markets at Commodities.