MIAMI, Feb. 25 (UPI) -- Venezuela and China have broadened their agreement on oil development in the South American country in hopes of increasing exports to China.

MIAMI, Feb. 10 (UPI) -- Venezuela made good on its promise to reduce oil exports, canceling several shipments to the United States, in order to comply with reduced OPEC production requirements and bolster its own fortunes by helping raise the price of oil worldwide.

MIAMI, Jan. 21 (UPI) -- Venezuelan energy officials say they are prepared to reduce oil exports to bolster the falling price of oil worldwide. South America's leading oil producer already has decided to cut oil shipments to two U.S. refineries.

CARACAS, Venezuela, Jan. 15 (UPI) -- Venezuelan President Hugo Chavez is inviting Western oil companies to submit bids to develop new areas of the Orinoco Belt for petroleum production.

MIAMI, Jan. 23 (UPI) -- Brazil's energy fortunes appear to keep growing with the discovery of a new gas field right next door to a bounty of undersea oil found last year, officials at state-run Petrobras announced this week.

MIAMI, Dec. 31 (UPI) -- Venezuela's decision to assume majority control of its lucrative oil and gas industry dominated headlines in Latin American energy news in 2007, with leftist President Hugo Chavez taking a hard-line stance against companies unwilling to agree to new terms.

MIAMI, Dec. 14 (UPI) -- Brazil's Tupi oil field -- estimated to contain as much as 8 billion barrels of oil -- could quite possibly have an even bigger deposit right next to it, experts said this week.