In its closely watched monthly oil-market report, the Organization of the Petroleum Exporting Countries (OPEC) said its crude output had fallen by 221,000 barrels per day (bpd) in February from January, to average 30.55 million bpd.
Brent crude oil futures were at $67.15 per barrel at 0126 GMT, 8 cents below their last close, but still within a dollar of the $68.14 2019-high reached the previous day.
US West Texas Intermediate crude futures were at $58.54 per barrel, up $0.28 or 0.48%.
With OPEC voluntarily withholding supply and US sanctions preventing Iranian and Venezuelan oil from entering markets, global crude flow data in Refinitiv showed a slight supply deficit likely appeared in the first quarter.
Uncertainty over the progress of U.S.
But oil prices have been capped by concerns that an economic slowdown will soon start denting growth in fuel demand.
Crude has rallied nearly 30% this year as the Organisation of Petroleum Exporting Countries and its allied partners - known as Opec+ - capped their output to bring the market back to balance.
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The reduction is created to cut any oil glut and prop up prices.
Fresh concerns about the global economy weighed on oil prices. The report said rising production outside the group pressed the need for continued restraint by Opec+.
Maduro, who has the backing of the Venezuelan army, is recognized as the country's legitimate leader by several countries, including Russian Federation and China.
Bloomberg reported that U.S. President Donald Trump and Chinese President Xi Jinping may not meet until April at the earliest, after the Wall Street Journal said this month that Xi and Trump could meet around March 27.
Amid political turmoil in Venezuela, two storage tanks exploded at a heavy crude upgrading project in the east of the country on Wednesday, according to an oil industry source and a legislator.
Venezuela's oil production has taken a serious hit in recent years falling from approximately 2.4 million barrels a day (bpd) in 2015 to around 1.2 million bpd, as of the latest figures in February. Moreover, because of the fall in USA crude oil production, the Brent-WTI spread might have contracted more than $1 in the trailing week.
The U.S. Energy Information Administration (EIA) said U.S. commercial crude oil inventories fell last week as refineries hiked output.