MIAMI, March 26 (UPI) -- Venezuela is set to impose a new tax on oil profits on petroleum earnings caused by soaring global oil prices, a move seen by some as an effort to replenish diminished state coffers.

MIAMI, March 5 (UPI) -- The specter of war among Latin American neighbors Colombia, Ecuador and Venezuela, the region's top oil producer, could prove harmful to international oil markets.

MIAMI, Feb. 12 (UPI) -- Officials at Venezuela's state-owned oil and giant PDVSA appeared Tuesday to back away from threats to "cut-off" oil supplies to the United States amid a multi-billion dollar legal fight with ExxonMobil.

MIAMI, Jan. 3 (UPI) -- Venezuela's oil industry shrank by more than 5 percent in 2007, according to the Venezuelan National Bank, raising concerns the Venezuelan government is not investing enough of its petroleum wealth in the sector.

MIAMI, Oct. 24 (UPI) -- Venezuelan oil exports to China are on the rise at the same time sales to the United States are on the decline, the U.S. Department of Energy reported.

MIAMI, Oct. 3 (UPI) -- A recent clash between Venezuelan oil workers and authorities has prompted Energy Minister Rafael Ramirez to assure the workers that a new contract will be completed in the coming weeks despite the fact that the negotiations have been ongoing since April.

MIAMI, Sept. 25 (UPI) -- ExxonMobil is still seeking arbitration over its long-running dispute with Venezuela months after pulling out of the country in the wake of the nationalization of its oil and gas industries.

MIAMI, Sept. 5 (UPI) -- Peru’s decision to grant asylum to a Venezuelan oil worker instrumental to the 2002 nationwide strikes in Venezuela could strain already fragile relations between the South American countries, according to experts.

MIAMI, Aug. 29 (UPI) -- Venezuela’s chief energy official, Rafael Ramirez, was fined recently for instructing employees at the country’s state-run energy firm to support President Hugo Chavez, the latest in a series of developments that some experts say illustrates the president’s quest to wrest full control of the sector.