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Venezuela has agreed to export up to $2 billion worth of crude oil to the United States under a new deal with Washington, redirecting shipments from China and reshaping global oil markets.
Oil prices fell over 2% as OPEC+ prepares to discuss a potential production hike this weekend. Both Brent crude and WTI benchmarks slid, with traders shifting expectations toward increased supply. Analysts warn that a larger output hike could push the market into surplus by 2025, keeping prices subdued.