05:07 AM EDT, 05/28/2025 (MT Newswires) -- Crude oil prices held steady on Wednesday as expectations of additional output from the Organization of the Petroleum Exporting Countries and allied producers clashed against the loss of Chevron's Venezuelan crude exports.

Brent crude was at US$64.15/barrel and West Texas Intermediate crude was at US$60.94/b at last look. Supply concerns emerged after the U.S. issued a new authorization for Chevron to keep assets in Venezuela but not to export oil or expand activities, Reuters reported Tuesday, citing sources.

"The loss of Chevron's Venezuelan barrels in the U.S. will leave refiners short and thus relying more on Middle Eastern crude," Reuters quoted Westpac's head of commodity and carbon strategy Robert Rennie as saying in a note.

OPEC+ is scheduled to meet on Wednesday, but a July output hike could be decided on Saturday when eight of the members who agreed on additional voluntary cuts are set to meet, Reuters reported, citing unnamed sources.