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.
Venezuelan state oil firm PDVSA has asked a US judge to grant it victim status in a bribery case against two businessmen, a news report said.
Venezuela's state oil firm PDVSA said there had been an oil spill in the central Anzoategui state.
Venezuelan President Nicolas Maduro wants to invite the US to OPEC’s next meeting, saying the world’s biggest crude producer should be in on talks to stabilize global crude prices.
Venezuelan bonds plunged the most in almost nine months after state oil company Petroleos de Venezuela SA extended an early deadline for bondholders to exchange notes due next year for longer-dated ones after investor demand fell short of the required level.
Foreign firms involved in Venezuelan oil ventures have threatened to challenge state-run PDVSA’s award of drilling contracts worth $3.2billion, a news report said, citing several unidentified sources.
President Nicolas Maduro raised Venezuela’s minimum wage 50 percent and announced that his oil and foreign ministers will visit producer countries to lobby for price increases ahead of an informal OPEC meeting next month.
Venezuelan President Nicolas Maduro said he spoke to Saudi Arabia’s king about boosting oil prices and is reaching out to the heads of state of fellow producers Russia, Iran and Qatar as his country reels under the crude crash.
PDVSA has signed finance agreement with Halliburton and Weatherford following payment challenges for companies working in the OPEC nation.
Venezuela’s oil output, already the lowest since 2009, is set to slide further this year as contractors scale back drilling after the cash-strapped country fell more than $1 billion behind in payments.
The US Supreme Court has agreed to weigh Venezuela's bid to block a lawsuit filed by an American oil drilling rig company, which claims the South American country seized 11 drilling rigs six years ago.
Four tankers carrying over two million barrels of US crude are stuck at sea and cannot discharge at a Caribbean terminal because Venezuela's state oil company has not yet paid supplier BP.
Venezuela’s warring political factions have restarted efforts to end a bitter political standoff as the country’s economy continues to spiral into deep recession.
Venezuela has introduced a two day week for public sector workers in a bid to prevent an energy crisis.
Venezuela has proposed non-OPEC members who participated in the recent Doha meeting attend the next one in June as observers.
Venezuela's oil minister has warned global oil stocks are almost full with the oil price likely to collapse if producers do not talk.