MIAMI, April 16 (UPI) -- Venezuela has approved a 50-percent tax on foreign oil companies for oil when priced at more than $70 a barrel.

MIAMI, March 19 (UPI) -- Two U.S. representatives from Florida introduced legislation seeking to designate Venezuela a state sponsor of terror, a move that could hurt the country's oil sector and U.S. relations in the region.

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.

OPEC may agree to raise its output; IEA, OPEC split on 2008 estimates; U.S. economy chugs along despite high oil prices

CARACAS, Venezuela, Dec. 4 (UPI) -- The Organization of Petroleum Exporting Countries shouldn't increase petroleum output in the near future, Venezuelan Oil Minister Rafael Ramirez said Tuesday.

Venezuela is calling for oil to be sold in other currencies besides the U.S. dollar because of the greenback's declining value in recent months, the latest in a series of controversial remarks from officials of South America's largest oil exporter.

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. 10 (UPI) -- Venezuelan President Hugo Chavez said he wants to increase the workforce of state-run petroleum company PDVSA by 35 percent in the coming year, a move some say is an effort to increase the government’s hold on the country’s oil and gas industry and win additional political support ahead of a key vote.