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Brent Crude Stabilizes Near Sixty Four Dollars as Venezuela Exports Resume

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Published: January 23, 2026

Market Rebalancing

With Venezuelan barrels returning to the US Gulf Coast, the scramble for alternative heavy grades has subsided. This is allowing Brent spreads to narrow, reflecting a well-supplied Atlantic basin.

2026 Bearish Targets

The consensus for 2026 remains bearish. Unless OPEC+ announces deeper cuts, the sheer volume of non-OPEC supply growth is expected to keep a lid on prices for the foreseeable future.