Venezuela has the largest share of oil reserves in the world but hasn't been producing or refining it. See the charts.

Venezuelan crude is attractive to complex U.S. refiners with coking capacity, but only a subset of Gulf and East Coast plants ...

UBS forecasts Brent at $62/bbl in 2026 as 1.9Mb/d surplus peaks early before narrowing, with geopolitical risks key swing ...

President Donald Trump said Saturday the U.S. would tap into Venezuela’s oil reserves following President Nicolás Maduro’s capture. Trump wants U.S. oil companies to invest in Venezuela’s oil industry ...

LONDON/MOSCOW, Nov 30 (Reuters) - OPEC+ agreed to leave oil output levels unchanged for the first quarter of 2026 at its meetings on Sunday as the group slows down its push to regain market share amid ...

Russia's oil processing has fallen just 3% this year despite Ukraine's biggest drone attacks to date as refineries averted a steep decline in fuel production by leveraging spare capacity to offset ...

With the OPEC+ production hikes, Saudi Arabia may have reached its maximum sustained output capacity, setting up for a repeat of the 2008 failure to increase output when called on. Despite what ...

Indian Oil Corp. Ltd (IOC) is navigating choppy waters as near-term business conditions remain uncertain amid oil price volatility, tariffs, exchange rate weakness, and geopolitical disturbances. Over ...

According to oil analysts, the organization appears to have hit its production limit, as it has consistently failed to meet its targets. Despite Russia, the world’s second-largest oil producer, ...

GEORGETOWN, Guyana, CMC — The Guyana government Monday said it had approved the Hammerhead Field Development Plan (FDP) and the issuance of the Hammerhead Petroleum Production Licence (PPL). The ...

KUWAIT, Sept 22 (Reuters) - Kuwait's crude oil production capacity stands at 3.2 million barrels per day (bpd), oil minister Tariq Al-Roumi said in an interview with local newspaper Al Qabas, the ...