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2d ago

US Bars Chevron from Exporting Venezuelan Crude, Oil Prices Tick Up

Analysts warn refiners will turn to Middle Eastern barrels as OPEC+ convenes to weigh a July output increase

A view shows the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside its headquarters in Vienna, Austria, May 28 , 2024. REUTERS/Leonhard Foeger/File Photo
Oil tanker Kerala, chartered by Chevron, is loaded in the Bajo Grande oil terminal at Maracaibo Lake, in the municipality of San Francisco, Venezuela, January 5, 2023. REUTERS/Isaac Urrutia/File Photo
A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
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Overview

  • The Trump administration’s new authorization allows Chevron to retain its Venezuelan assets but prohibits crude exports, revoking its prior license from February.
  • Brent futures climbed 0.73% to $64.56 per barrel and West Texas Intermediate rose 0.8% to $61.38 as markets factored in tighter supply.
  • Westpac strategist Robert Rennie says losing Venezuelan shipments will leave refiners short and boost demand for Middle Eastern oil.
  • OPEC+ ministers meet this week with a decision on a potential 411,000-barrel-a-day hike for July expected when eight members hold talks on Saturday.
  • European Union officials are collecting information from leading firms ahead of trade negotiations with Washington, a development that could affect future oil demand.