---
title: "\"Commodity\" OPEC+ maintains oil production ahead of July output assessment, with New York oil rising by 2%"
description: "OPEC+ decided to maintain oil production levels, in line with expectations. The United States has banned Chevron from exporting crude oil from Venezuela, driving oil prices up. New York July futures r"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/242252954.md"
published_at: "2025-05-28T16:34:22.000Z"
---

# "Commodity" OPEC+ maintains oil production ahead of July output assessment, with New York oil rising by 2%

> OPEC+ decided to maintain oil production levels, in line with expectations. The United States has banned Chevron from exporting crude oil from Venezuela, driving oil prices up. New York July futures rose 2.1% to $62.20, while Brent July futures increased 1.7% to $65.20. OPEC+ will assess further production measures for July's output this weekend

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed on Wednesday to maintain official production levels unchanged, as expected by the organization during its December meeting. Meanwhile, the United States has banned Chevron from exporting crude oil from Venezuela, leading to an increase in oil prices on Tuesday. OPEC+ countries will assess further production measures for July's output over the weekend.

According to a report by Reuters on Tuesday citing sources, the Trump administration has granted new authorization to U.S. oil giant Chevron (CVX.US), allowing it to retain assets in Venezuela but prohibiting it from exporting oil or expanding operations.

New York July crude oil prices rose by $1.30 or 2.1% to $62.20. Brent July crude oil prices increased by $1.10 or 1.7% to $65.20

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.