Oil prices increase after Chevron’s raw exports of Chevron from Venezuela

Oil prices increased on Wednesday 28 May 2025, since investors took into consideration the risks of supply after the United States forbidden Chevron to export a crude oil from Venezuela pursuant to a new authorization of activity.

The Futures on Brent’s crude oil increased by 7 cents, equal to 0.1%, at $ 64.16 per barrel of 0640 GMT, while the intermediate crude of the western Texas of the United States has earned 9 cents, equal to 0.2%, at $ 60.98 per barrel.

The Donald Trump administration of the President of the United States has issued a new authorization for the US-MAJOR Chevron which would allow him to keep the activities in Venezuela but not to export oil or expand his activities, reported Reuters by quoting sources.

“The loss of Chevron’s Venezuelan barrels in the United States will leave refineries and are therefore based more on Middle Eastern crude oil”, wrote the head of the goods and the carbon strategy of Westpac in a note.

Trump had revoked the previous license on February 26th.

In recent years, licenses in Chevron and other foreign companies have supported a slight recovery of the Venezuelan oil production hit by penalties at about 1 million barrels per day.

However, the earnings of prices were limited on Wednesday among the expectations that Opec+ will decide to increase production in a meeting this week.

A complete meeting of the organization of the countries and allies of oil exporters, together as OPEC+, is scheduled for Wednesday, although the observers of the market do not expect any change in their policy of increased production.

An output excursion of July could be decided on Saturday when eight members of the group hold interviews.

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