Story perspectives
Oil Prices Spike as U.S. Restricts Venezuelan Exports
5/29/2025
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Story summary
- Oil prices surged on May 28, 2025, amid supply concerns after the U.S. restricted Chevron's Venezuelan crude exports.
- Brent crude rose 0.1% to $64.16; U.S. West Texas Intermediate climbed 0.2% to $60.98.
- Chevron can keep assets in Venezuela but cannot export oil.
- OPEC+ plans to address potential output increases in an upcoming meeting.
- Venezuelan oil production slightly rebounded to 1 million barrels per day due to prior licenses.
