The increased United States supply, the country is now the world's largest producer, and the economic slowdown are weighing on the oil price outlook.
Maduro's refusal, at least so far, to order Guaido's arrest reflects mistrust in his own security forces as well as the Trump administration's warning that any harm to the man the US recognizes as Venezuela's legitimate leader would be crossing a unsafe red line.
Sunday's announcement by Netanyahu earned immediate praise from US Ambassador to Israel David Friedman, who hailed the Jewish state for "standing with the people of Venezuela and the forces of freedom and democracy".
But France and Britain joined Spain and Germany in turning up the pressure on Maduro, saying they would recognise Guaido as president unless Venezuela calls a new presidential election within eight days.
Maduro has balked at the demand. In an interview on Sunday with CNN Turk, Maduro claimed that he was the "the victim of a U.S. conspiracy" that had resulted in the threat to his power. "All of Europe is bowing down to Donald Trump. It's that simple, especially when it comes to Venezuela".
"The US and its allies must cease encouraging violence by pushing for violent, extralegal regime change", over 70 academics and Latin America experts wrote in anopen letterpublished byCommon Dreamslast week.
In a statement issued on January 26, the European Union called for the "urgent holding of free, transparent and credible presidential elections in accordance with internationally democratic standards and the Venezuelan constitutional order".
The US now considers Juan Guaido to be Venezuela's interim leader-and any "violence or intimidation" against him, or against American diplomats, will be met with a "significant response", John Bolton warned Sunday.
Maduro told CNN Turk on Sunday all diplomats had left the country, except a small group authorized to stay.
Maduro noted that employees of Venezuelan consulates in United States cities are also among those, who have returned.
Both leaders are looking to the military for a way forward.
Washington has moved decisively to seek the exit of Maduro by recognising Guaido and urging the military to switch loyalties. On Sunday, he handed out leaflets to soldiers detailing a proposed amnesty law that would protect them for helping overthrow Maduro.
The bill - which could see a vote Tuesday - would also pardon civilians, politicians, public officials and military members accused of crimes or unconstitutional acts during Maduro's and former president Hugo Chavez's tenure.
Freeland also said that Canada - along with Argentina, Chile, Colombia, Paraguay and Peru - referred the ongoing human rights abuses and squashing of dissent in Venezuela to the International Criminal Court prosecutor's office for investigation in September. "It's not the time to be scared". That frustration and financial distress provides a ideal opportunity for foreign intelligence officers, who search for "people who aren't being paid, people who aren't being respected by their government", when targeting potential espionage agents, former CIA station chief turned ABC News contributor Darrell M. Blocker says.
Guaido has called for fresh protests in an effort to turn the military against Maduro and back a European ultimatum demanding new elections. "Venezuela wants peace. and to guarantee peace, we have to be prepared", said Maduro.
Venezuela's military attache in Washington, Army Colonel Jose Luis Silva, switched his support to Guaido in a video that called on his brothers in arms to follow his lead.