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The country is home to the world's biggest oil reserves but has seen its economy shrink by more than half under Maduro, the political heir to leftist firebrand Hugo Chavez who died in 2013.
Brent crude was down 33 cents, or 0.8%, at $42.82 a barrel by 0645 GMT, while US crude was down 38 cents, or 0.9%, to $40.73 a barrel.
European and US stocks and oil prices recovered on Friday on US stimulus hopes, after Asian equities experienced wild swings, with traders closing out a week of carnage for world markets as the coronavirus pandemic fuels fears of a global recession.
Enoc Misr, a joint venture between Proserv Group and the UAE’s Emirates National Oil Company (Enoc), signed a memorandum of understanding with local lubricant manufacturers to evaluate blending and manufacturing Enoc lubricants in Egypt.
The Union government has issued a Global Invite for Expression of Interest for disinvestment in Bharat Petroleum Corporation Limited (BPCL) from prospective bidders with a minimum net worth of $10 billion as of Saturday.
Oil prices jumped by around 8% on Tuesday a day after the biggest rout in nearly 30 years as investors eyed the possibility of economic stimulus and Russia signalled that talks with Opec remained possible.
DP World announced its robust financial results for the year ended 31st December, 2019, stating that its revenue grew 36.1 per cent and adjusted EBITDA increased 17.7 per cent, with an adjusted EBITDA margin of 43 per cent.
Royal Dutch Shell will lower spending by $5 billion and suspended its vast $25 billion share buyback plan in an effort to weather the recent collape in oil prices, it said on Monday.
World stock markets rallied strongly on Tuesday after the US Federal Reserve launched an unprecedented bond-buying plan, the latest salvo in a global counter-attack against fallout from the coronavirus outbreak.
Brent slumped to $22.5 a barrel leaving it down 65% for the year and hammering petro currencies such as Russia's rouble, Mexico's peso and the Indonesian rupiah by as much as 2%.