Venezuela Earthquake Health Risks Rise as Disease Monitoring Intensifies 
Asian Stocks Rally as Cooling U.S. Inflation Boosts Fed Rate Cut Hopes 
Oil Prices Climb as Trump Escalates Iran Pressure, Strait of Hormuz Risks Grow 
Paramount-Warner Bros. Discovery Merger Faces Lawsuit From 12 States 
UK Sanctions 24 Russian-Linked Targets Over Cyberattacks and Election Interference 
China Trade Surplus Hits $125.6 Billion as June Exports, Imports Smash Forecasts 
China Home Prices Fall Again in June Despite Slower Pace of Decline 
Trump Slams New York Data Center Ban, Warns AI Investment Could Shift to Other States 
Trump Administration to Launch Voluntary AI Standards for Frontier Models 
Fed Chair Kevin Warsh Launches Task Forces to Overhaul U.S. Monetary Policy Framework 
Iran Says It Closes Strait of Hormuz After Warning Shot at Vessel 
Gold Price Holds Near Record High as Cooling U.S. Inflation Offsets Fed Caution 
Arm Stock Falls After HSBC Downgrade, Citing Limited Near-Term AI Upside 
Gold Price Holds Near $4,000 as Middle East Tensions and Fed Rate Hike Bets Grow 
Dollar Holds Steady Ahead of U.S. CPI as Oil Surge, Middle East Tensions Keep Markets on Edge 
Asian Currencies Hold Steady as Middle East Tensions Offset Weaker US Dollar 
Trump Administration Launches AI Cybersecurity Partnership to Protect Critical Infrastructure 
The United States is accelerating efforts to grant Chevron an expanded license for oil production in Venezuela, a move that could significantly reshape the country’s energy sector and global oil markets. U.S. Energy Secretary Chris Wright confirmed to Reuters that Washington plans to allow Chevron to compensate the Venezuelan government with cash instead of crude, enabling the U.S. oil major to sell all of the oil it produces in the country.
Under Chevron’s current license, the company has been paying royalties and taxes to Venezuela in the form of oil rather than cash. This arrangement has effectively limited Chevron’s exports to about half of its total crude production in Venezuela. The expanded license would remove that constraint, making Chevron a full marketer of Venezuelan crude and potentially boosting production and exports.
The policy shift follows major political changes in Venezuela, where the administration of former President Nicolas Maduro was removed from power earlier this month. President Donald Trump’s administration has stated its intention to re-activate Venezuela’s oil industry, which has suffered years of decline due to sanctions, mismanagement, and lack of investment. Reuters previously reported that Chevron is expected to receive authorization soon to increase output and exports under the new framework.
The U.S. has also taken direct control over Venezuela’s oil sales. After Trump said Washington would run the country’s oil industry and oversee crude marketing, officials announced plans to sell up to 50 million barrels of stranded Venezuelan oil. According to Wright, this shift has already resulted in higher prices for Venezuelan crude. Before Maduro’s removal, oil was selling for around $31 per barrel, reflecting heavy discounts. Now, the U.S. is reportedly selling the same crude at roughly a $15 discount to Brent, bringing prices closer to $45 per barrel.
Proceeds from these oil sales are being deposited into Qatari bank accounts controlled by the U.S. government, a temporary measure driven by sanctions and regulatory considerations. Wright emphasized that all funds remain under U.S. control, with the possibility of moving transactions to U.S. banks in the future.
