As the global industry assembles in Houston for the Offshore Technology Conference, it will be in the midst of a quiet American revolution.
Opposition leader Juan Guaido took a bold step to revive his movement to seize power in Venezuela, taking to the streets on Tuesday to call for a military uprising that drew quick support from the Trump administration and fierce resistance from forces loyal to socialist Nicolas Maduro.
Crude closed at a five-month high after U.S. government data showed the biggest decline in gasoline stockpiles since 2017, offsetting an increase in crude inventories.
Higher crude prices should encourage North Sea oil companies to dial down the caution and bring forward more new projects, a prominent petro-economist said yesterday.
As neighboring Venezuela collapses, Colombia is hoping to lure oil majors with an unprecedented bidding system: Producers can propose drilling anywhere, at any time, and the country will look into it.
Financially struggling Venezuela must pay Houston's ConocoPhillips $8.7 billion for the government's expropriation of the company's investments in Venezuela more than a decade ago, a legal dispute arm of the World Bank ruled Friday.
Just as Venezuelan state-run oil company PDVSA was running out of an obscure product needed to thin out its crude and keep exports flowing in the wake of U.S. sanctions, Russia is coming to the rescue.
The world’s largest energy trader says oil prices are set to rally further as OPEC output cuts and American sanctions on Iran and Venezuela cause a "shortage" of the low-quality heavy crudes refiners rely on.
It is a well-proven maxim that discovering oil can be more of a curse than a blessing and nowhere on the face of the Earth offers better testimony to that than Venezuela, now in the throes of political upheaval.
Guyana, a country that currently produces no crude, could pump more than OPEC member Venezuela in five years.
Oil held its biggest gain in more than a week as investors assessed the impact of U.S. sanctions against Venezuela, while waiting for the outcome of trade talks between Washington and Beijing.
The Venezuelan opposition leader who has declared himself the country's rightful president has said US sanctions against the state-owned oil company fall in line with requests politicians have made to "protect" the nation's assets abroad.
Will there be two OPEC presidents now?
The socialist government of Venezuela and its political opponents at home who have been starkly divided over the past two decades on the best path forward for the country, have suddenly united around a common theme: the century-old dispute with Guyana.
Oil was showing little sign of recovering from its unprecedented decline as investors flee a market hammered by swelling supplies and a darkening demand outlook.
Oil extended gains as a new wave of U.S. sanctions on Venezuela stoked concerns over its crude production and as analysts forecast further declines in American stockpiles.
Venezuelan officials declared socialist leader Nicolas Maduro the easy winner of Sunday's presidential election.
Venezuela’s state-run oil giant failed to erect firewalls that may have kept ConocoPhillips from freezing its oil assets in the Caribbean.
ConocoPhillips may finish what U.S. sanctions started.
Two employees of Chevron Corp., one of the few majors still helping Venezuela’s collapsing oil industry, were arrested there on Monday as President Nicolas Maduro ratchets up his crackdown on alleged corruption.
A group of workers at Venezuela’s state-owned oil company are requesting wages in dollars as well as meal plans and better health insurance to make up for what they called "suffocating" economic conditions.
U.S. production is at an all-time high, while output from the Latin American nation, despite a modest increase in January, is in decline. As a result, U.S. crude’s typical premium to heavy Venezuelan oil shrank to as small as 31 cents a barrel Friday, the narrowest since October.
U.S. oil output is set for “explosive” growth this year as prices rally, potentially offsetting a further collapse in Venezuela’s production, the International Energy Agency said.
Already in default and struggling with sinking oil production, Venezuela’s state-run energy firm told its employees to cut costs and expenses by 50 percent in an austerity drive to reflect the broader economic crisis hitting the OPEC nation of 30 million people.
Oil prices appear to be stuck in the $50s per barrel, but that doesn't mean there aren't serious supply risks to the market.