SINGAPORE: Oil prices inched up on Wednesday as investors considered supply risks after the US barred Chevron from exporting crude from Venezuela under a new asset authorization, though expectations of more output from OPEC+ continued to limit gains.
Brent crude futures rose 7 cents, or 0.1 percent, to $64.16 a barrel by 08:40 a.m. Saudi time, while US West Texas Intermediate crude gained 9 cents, or 0.2 percent, at $60.98 a barrel.
The Trump administration has issued a new authorization for US-major Chevron that would allow it to keep assets in Venezuela but not to export oil or expand its activities, Reuters reported on Tuesday, citing sources.
“The loss of Chevron’s Venezuazelan barrels in the US will leave refiners short and thus relying more on Middle Eastern crude,” Westpac’s head of commodity and carbon strategy Robert Rennie wrote in a note.
US President Donald Trump had revoked the previous license on February 26.
In recent years, the licenses to Chevron and other foreign companies supported a slight recovery in sanction-hit Venezuelan oil output to about 1 million barrels per day.
However, price gains were capped on Wednesday amid expectations that OPEC+ will decide to increase output at a meeting this week.
A full meeting of the Organization of the Petroleum Exporting Countries and allies, together known as OPEC+, is scheduled for Wednesday, though market watchers expect no change to their policy of increasing output.
A July output hike could be decided on Saturday when eight members of the group hold talks, according to sources.
“Oil prices have moved only marginally in the last couple of sessions as the industry largely braces for an oversupplied second half of the year,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.
Sachdeva added that OPEC members’ failure to comply with production quotas and Trump’s trade policies negatively impact global oil demand.
The market also found some support after Trump said earlier this week he was weighing new sanctions on Russia.
“This increases the risk of further sanctions against Russia, putting Russian energy flows at risk,” said ING commodities strategists on Wednesday.
Oil Updates — prices rise on Venezuelan supply risks but OPEC+ output caps gains
https://arab.news/br4nv
Oil Updates — prices rise on Venezuelan supply risks but OPEC+ output caps gains
- Brent crude futures rose 7 cents, or 0.1 percent, to $64.16 a barrel
- US West Texas Intermediate crude gained 9 cents, or 0.2 percent, at $60.98 a barrel
Gulf-EU value chain integration signals shift toward long-term economic partnership: GCC secretary general
RIYADH: Value chains between the Gulf and Europe are poised to become deeper and more resilient as economic ties shift beyond traditional trade toward long-term industrial and investment integration, according to the secretary general of the Gulf Cooperation Council.
Speaking on the sidelines of the World Governments Summit 2026 in Dubai, Jasem Al-Budaiwi said Gulf-European economic relations are shifting from simple commodity trade toward the joint development of sustainable value chains, reflecting a more strategic and lasting partnership.
His remarks were made during a dialogue session titled “The next investment and trade race,” held with Luigi Di Maio, the EU’s special representative for external affairs.
Al-Budaiwi said relations between the GCC and the EU are among the bloc’s most established partnerships, built on decades of institutional collaboration that began with the signing of the 1988 cooperation agreement.
He noted that the deal laid a solid foundation for political and economic dialogue and opened broad avenues for collaboration in trade, investment, and energy, as well as development and education.
The secretary general added that the partnership has undergone a qualitative shift in recent years, particularly following the adoption of the joint action program for the 2022–2027 period and the convening of the Gulf–European summit in Brussels.
Subsequent ministerial meetings, he said, have focused on implementing agreed outcomes, enhancing trade and investment cooperation, improving market access, and supporting supply chains and sustainable development.
According to Al-Budaiwi, merchandise trade between the two sides has reached around $197 billion, positioning the EU as one of the GCC’s most important trading partners.
He also pointed to the continued growth of European foreign direct investment into Gulf countries, which he said reflects the depth of economic interdependence and rising confidence in the Gulf business environment.
Looking ahead, Al-Budaiwi emphasized that the economic transformation across GCC states, driven by ambitious national visions, is creating broad opportunities for expanded cooperation with Europe.
He highlighted clean energy, green hydrogen, and digital transformation, as well as artificial intelligence, smart infrastructure, and cybersecurity, as priority areas for future partnership.
He added that the success of Gulf-European cooperation should not be measured solely by trade volumes or investment flows, but by its ability to evolve into an integrated model based on trust, risk-sharing, and the joint creation of economic value, contributing to stability and growth in the global economy.
GCC–EU plans to build shared value chains look well-timed as trade policy volatility rises.
In recent weeks, Washington’s renewed push over Greenland has been tied to tariff threats against European countries, prompting the EU to keep a €93 billion ($109.7 billion) retaliation package on standby.
At the same time, tighter US sanctions on Iran are increasing compliance risks for energy and shipping-related finance. Meanwhile, the World Trade Organization and UNCTAD warn that higher tariffs and ongoing uncertainty could weaken trade and investment across both regions in 2026.
