Oil prices rose 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. 

Brent crude futures gained 46 cents, or 0.74%, to $62.22 a barrel by 1407 GMT while US West Texas Intermediate crude rose 41 cents, or 0.7%, to $58.73.

"It is premature to evaluate the impact of Nicolas Maduro’s capture on the oil balance. 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.

Market participants polled by Reuters in December said they expected oil prices to be under pressure in 2026 because of rising supply and weak demand. 

ADDITIONAL PRICE PRESSURE AFTER MADURO CAPTURE?

Price pressure could be exacerbated by the US capture of Venezuela's leader on Saturday and its potential to hasten an end to a US embargo on Venezuelan oil, leading to higher output. 

"We estimate only 300 000 barrels per day of additional supply within the next two to three years on limited incremental spending. Some of this can be financed organically by (state-run oil company) PDVSA but international capital would need to be committed to make three-million barrels a day by 2040 possible," said Janiv Shah, analyst at Rystad.

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.

Venezuela is a founding member of the Organization of the Petroleum Exporting Countries and has the world's largest oil reserves at about 303 billion barrels. However, its oil sector has long been in decline, due in part to underinvestment and US sanctions.

Its average output last year was 1.1=million barrels per day. However, oil analysts have said that Venezuelan output could increase by up to half a million barrels a day over the next two years with political stability and US investment.

Elsewhere, 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.