The country’s oil industry has undergone major shifts and two waves of nationalization since its first well started pumping in 1914.

Major oil companies are uninterested in making significant investments in Venezuela, Treasury Secretary Scott Bessent said Thursday, casting doubt on President Donald Trump’s aspirations that they’ll join the U.S. government’s effort to revive Venezuela’s oil industry.

Oil prices rose on Friday on concerns about potential disruption to Iran's output and uncertainty about supply from Venezuela.

The amounts of money, time and political uncertainty trouble executives at large Western oil companies, who plan to meet with President Trump on Friday.

In a social media post on Tuesday, Trump said Venezuela would hand over 30 to 50 million barrels of oil to the U.S., which in turn would sell them at their market price. The resulting funds -- as much as $2.8 billion at current prices -- will “benefit the people of Venezuela and the United States,” Trump said.

Venezuela’s oil industry has been in the spotlight since President Donald Trump captured the country’s President Nicolas Maduro.

After more than a week of oil shooting vertically out of an unused well off the coast of Louisiana, the U.S. Coast Guard announced Sunday evening that the offshore well blowout — first reported on April 26 — has been controlled. The well had been ...

The oil and gas industry is pushing the Trump administration to kill a proposed rule that would protect workers from extreme heat, arguing that it jeopardizes the president’s vision of achieving “energy dominance.” The opposition comes as people who ...

Oil traders and US refiners are rushing to position for access to Venezuelan crude after the Trump administration said it would take control of as much as 50 million barrels, one of the largest unexpected supply flows in years.