International News 12 March 2026
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Chevron and Shell Near Major Oil Production Deals in Venezuela
Major international oil companies Chevron and Shell are reportedly close to securing their first major oil production agreements in Venezuela since the United States captured President Nicolás Maduro in January, according to sources cited by Reuters. The deals would allow both companies to ramp up output in strategically important Venezuelan oil regions, marking a significant shift in operations after years of limited foreign investment. This development is part of a broader plan valued at US$100 billion, unveiled by President Donald Trump, aimed at revitalizing Venezuela’s oil industry following decades of mismanagement and underinvestment under Maduro and his predecessor, Hugo Chávez. The agreements represent the most substantial progress so far in efforts to restore production in the country’s crucial oil sector.
Oil Prices Swing on Wednesday as Markets Doubt IEA Reserve Impact
Oil prices rose again on Wednesday (March 11, 2026) despite market skepticism over whether the International Energy Agency’s (IEA) plan for a massive oil reserve release can offset potential supply shocks from the U.S.–Israel–Iran conflict. According to Reuters, Brent crude climbed 59 cents, or 0.7%, to US$88.39 per barrel at 07:27 GMT, while U.S. West Texas Intermediate (WTI) rose 98 cents, or 1.2%, to US$84.43 per barrel. Both contracts had initially declined during early Asian trading after plunging more than 11% on Tuesday. The IEA reportedly plans to release oil reserves in quantities larger than the two releases in 2022, which were carried out when Russia launched its full-scale invasion of Ukraine. Goldman Sachs noted that even such a large release would only cover around 12 days of disrupted Gulf oil exports, which are estimated at 15.4 million barrels per day. Meanwhile, U.S. and Israeli airstrikes against Iran on Tuesday were described as the most intense since the conflict began.
Shanghai Aluminum Rises 2% Amid Global Supply Concerns from Middle East Conflict
Aluminum prices in Shanghai rebounded on Wednesday as market attention shifted back to concerns over global supply amid the Middle East conflict. This came after a temporary dip triggered by remarks from U.S. President Donald Trump regarding the war in Iran. The most actively traded aluminum contract on the Shanghai Futures Exchange closed up 2.06% at 25,215 yuan (around US$3,672 per metric ton). On Tuesday, the contract had fallen 1.41% following Trump’s comments suggesting a possible end to the Iran war, which had briefly eased supply worries.