Somalia: Oil prices declined on Tuesday as traders assessed the possibility of increased Venezuelan crude oil production, boosting expectations of ample global supply this year amid weak demand. Brent crude futures fell 0.2% to $61.62 per barrel, while US West Texas Intermediate crude was priced at $58.15 per barrel, down 0.3%.

According to Qatar News Agency, Venezuela is a founding member of the Organization of the Petroleum Exporting Countries (OPEC) and holds the world's largest oil reserves, estimated at around 303 billion barrels. The country's average oil production last year reached 1.1 million barrels per day.