OPEC+ kept oil output unchanged on Sunday after a quick meeting that avoided discussion of the political crises affecting several of the producer group's members. Sunday's meeting of eight members of OPEC+, which pumps about half the world's oil, came after oil prices fell more than 18% in 2025 — their steepest yearly drop since 2020 — amid growing oversupply concerns. Tensions between Saudi Arabia and the UAE flared last month over a decade-long conflict in Yemen, when a UAE-aligned group [Read more]
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Venezuela’s billions in distressed debt: Who is in line to collect?
The toppling of President Nicolas Maduro has thrust Venezuela's debt crisis - one of the world's largest unresolved sovereign defaults - into the limelight. Following years of economic crisis and U.S. sanctions that severed the country from international capital markets, Venezuela defaulted in late 2017 after missing payments on international bonds issued by the government and state oil company, Petroleos de Venezuela, known as PDVSA. Since then, accumulated interest and legal claims tied [Read more]
Venezuela’s PDVSA asks some joint ventures to cut back oil output, sources say
Venezuela's state-run oil company PDVSA is asking some joint ventures to cut back crude production amid an export paralysis, three sources close to the decision said on Sunday, adding pressure to an interim government trying to hang on to power. The moves include shutting down oilfields or well clusters as stocks stored onshore mount and the company runs out of diluents to blend Venezuela's heavy crude for shipment. Caracas is in political crisis under an interim government after President [Read more]
No quick wins in tapping Venezuela’s oil reserves
Venezuela is unlikely to see any meaningful boost to crude output for years even if U.S. oil majors do invest the billions of dollars in the country that President Donald Trump just hours following The South American country may have the world's largest estimated oil reserves, but output has plummeted over the past decades amid and a lack of investment from foreign firms after Venezuela nationalized oil operations in the 2000s that included the assets of Exxon Mobil and ConocoPhillips. Any [Read more]
Venezuela’s oil exports paralyzed amid political turmoil, sources say
Venezuela's oil exports, which had fallen to a minimum amid U.S. President Donald Trump's announced blockade of all sanctioned tankers going in and out of the country's waters, are now paralyzed as port captains have not received requests to authorize loaded ships to set sail, four sources close to operations said on Saturday. The paralysis emerges as the U.S. extracted President Nicolas Maduro and his wife from capital Caracas and announced it will oversee a political transition in the South [Read more]
Investors and economists react to US capture of Venezuela’s Maduro
The United States said it had struck Venezuela and captured its long-serving President Nicolas Maduro on Saturday, after months of accusing him of drug-running and illegitimacy in power, marking a dramatic escalation in geopolitical tensions. "The United States of America has successfully carried out a large-scale strike against Venezuela and its leader, President Nicolas Maduro, who has been, along with his wife, captured and flown out of the country," President Donald Trump said in a Truth [Read more]
Trump says US oil companies will spend billions in Venezuela
President Donald Trump said that American oil companies were prepared to enter Venezuela and invest to restore production in the South American country, an announcement that came just hours after Nicolás Maduro was captured and removed by U.S. forces. "We’re going to have our very large U.S. oil companies, the biggest anywhere in the world, go in, spend billions of dollars, fix the badly broken infrastructure, oil infrastructure, and start making money for the country," Trump said on [Read more]
Mock house, CIA source and Special Forces: The US operation to capture Maduro
At 4:21 on Saturday morning, President Donald Trump sent a message on his Truth Social platform: the United States had carried out a daring mission to capture Venezuelan President Nicolas Maduro and his wife. The action came as a surprise, but according to sources familiar with the matter, planning for one of the most complex U.S. operations in recent memory had been in the works for months and included detailed rehearsals. Elite U.S. troops, including the Army's Delta Force, created an [Read more]
Trump says U.S. embargo on Venezuelan oil remains in full effect
A U.S. embargo on all Venezuelan oil remains in full effect, U.S. President Donald Trump said on Saturday. Trump told reporters that the U.S. military forces would remain in position until U.S. demands had been fully met. "The American armada remains poised in position, and the United States retains all military options until United States demands have been fully met and fully satisfied," he said. (Reporting by Gram Slattery Writing by Andrea Shalal Editing by Frances Kerry) [Read more]
UN chief on Venezuela: US action sets ‘dangerous precedent’
United Nations Secretary-General Antonio Guterres is deeply alarmed by U.S. military action in Venezuela that sets "a dangerous precedent," his spokesperson said on Saturday ahead of a likely U.N. Security Council meeting. Venezuela and Colombia, backed by Russia and China, have asked for the 15-member Security Council to meet, diplomats said, after the U.S. attacked Venezuela and deposed its long-serving autocratic President Nicolas Maduro. The meeting has not yet been scheduled. "These [Read more]
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