Venezuela sits on 303 billion barrels of oil—more than Saudi Arabia. So why does it pump less than 1% of global supply? The answer involves nationalizations, sanctions and crude that's harder to extract than most.

Most of the reserves in the country are extra-heavy oil that’s tough to extract and generates more greenhouse gases.

Environmental experts warn that U.S. plans under President Donald Trump to restart and control Venezuelan oil exports could intensify pollution, greenhouse gas emissions and ecological damage in a country already burdened by decades of oil-related degradation.

Explore the differences between shale oil and conventional oil, including extraction costs and methods, and how these impact oil market profitability.

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.

In a social media post, Trump wrote that Venezuela would sell 30 to 50 million barrels of oil to the U.S., and he would control the money. The post Crude math: Analyzing Trump's deal to buy 50 million barrels of Venezuelan oil appeared first on Straight Arrow News.

Senator Solomon Adeola (Ogun West) has assured extraction of crude oil will also begin at Tongeji Island, located in Ipokia Local Government Area of Ogun State. Adeola, who spoke on Tuesday in Otta at a Town Hall Meeting, Mega Empowerment and Thank You ...

U.S. action in Venezuela has renewed focus on the country’s vast oil reserves, heavy crude challenges, and the expropriations that reshaped the country's oil industry.

The Trump administration escalated its pressure on Venezuelan oil, seizing two tankers and declaring it intends to “indefinitely” sell the country’s oil. The administration's rhetoric has also included threats to seize Greenland,