As part of Venezuela's economic recovery plan, President Nicolas Maduro announced economic measures that include increasing the national minimum wage.

Venezuelan authorities have arrested a military general and colonel and a dozen others in connection to a failed assassination attempt on President Nicolas Maduro.

Venezuelan President Nicolas Maduro said he has proof the Colombian government was behind a failed assassination attempt against him that used exploding drones.

The United States had no involvement in an apparent assassination attempt on Venezuelan President Nicolas Maduro, two White House officials said.

Geopolitical and supply-side strains overshadowed trade concerns before the start of trading in the United States to push the price of oil sharply higher.

An annual review of energy trends from Italian energy company Eni found the United States is a "game changer," though its Venezuela with the largest reserves.

The IMF said the economic crisis in Venezuela, one of the founding members of OPEC, is "profound" as a substantial drop in oil production takes its toll.

Venezuelan President Nicolas Maduro called Vice President Mike Pence a "poisonous viper," one day after Pence accused him of running a dictatorship.

The European Union Council on Monday imposed sanctions on 11 Venezuelan officials over allegations of human rights abuses.

The political element of the oil market needs to be diminished in favor of market fundamentals, the Iranian oil minister said at OPEC's conference in Vienna.

Ahead of what could be pivotal talks among OPEC members, production from founding member Venezuela could hit new lows soon, an industry report found.

The biggest risks to the OPEC-led effort to stabilize the oil market are outside the Middle East and North African region, an Arab investment bank found.

Venezuela may be facing further economic obstacles as the U.S. secretary of state calls for its suspension from the Organization of American States.

The Venezuelan government said it released 39 political prisoners, a move the country's authoritarian president called "an act of generosity."

An OPEC member in part behind a spike in crude oil prices causing economic concern, Venezuela missed a chance by re-electing President Maduro, G7 leaders said.