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.
How should poor countries which find themselves rich in oil and gas use their wealth to build a sustainable future for their people? There is a wide range of options and plenty of examples of how to get it wrong.
With virtually no imports getting through during the nearly week long ordeal caused by Hurricane Harvey, Latin American countries are looking for a quick solution to their fuel problem.
President Trump said he would not rule out military action against Venezuela in response to the country's descent into political chaos following President Nicolas Maduro's power grab.
Venezuelan leader Nicolas Maduro has said he wants a meeting with US president Donald Trump - the man he ridicules as a crass imperial magnate and blasts for sanctions against officials in his socialist government.
A nationwide strike against plans to rewrite the constitution shut down much of Venezuelan’s capital before erupting into sporadic violence when protesters clashed with riot police and burned a post office near the headquarters of the main state-run broadcaster.
Opposition protests in Venezuela have taken a deadly turn again after a teenager was killed at a march demanding an end to the government’s push to rewrite the struggling nation’s constitution.
UK courts will decide whether a Russian shipping conglomerate was right to stake a claim to $20million worth of Venezuelan oil aboard one of its tankers, a news report said.
An order for Venezuela to pay $1.4billion in damages to ExxonMobil has been reduced, a news report said.