Venezuela

Venezuelan crude offers Reliance margin boost, but supply is a hurdle

Marco Rubio's meeting with Mukesh Ambani has revived interest in Venezuelan crude, but limited supply and strong global refining margins could constrain Reliance's advantage over rivals

Venezuela to restart major power plant with help from Chinese firm

Restarting Venezuela's largest fossil fuel-burning plant will help ease chronic blackouts that have worsened since earthquakes ravaged the region in June

Best of Opinion: Global prosperity can no longer be taken for granted

Today's columns examine India's growing cyber risks, uncertainty over Nitish Kumar's political succession, the strategic value of Reliance's Jamnagar refinery and the changing language of Gen Z.

US crude stays costly for India despite Rubio push; Venezuela offers value

Refiners say record freight rates and crude quality make US barrels less attractive, while discounted Venezuelan oil offers better economics but remains supply-constrained

Rubio to meet Ambani in Jamnagar: Venezuelan oil, energy on agenda

With the whole world watching, Marco Rubio will meet Mukesh Ambani today in Jamnagar, home to the world's largest oil-refining complex

Rubio urges India to boost US energy, defence buys amid strained ties

US Secretary of State Marco Rubio on Tuesday described India as a refining superpower, adding that the US delegation will discuss with Reliance about producing oil in Venezuela. Asked what role India can play in meeting the world's energy demand, Rubio, who arrived in Mumbai this afternoon on a three-day India visit, said, "India is a refining superpower. They have the capability to refine heavy crude. They've done so in the past, and I think as more and more Venezuelan oil comes online, it's something they can do." "They also, by the way, have pre-existing oil concessions in Venezuela that can produce more themselves," Rubio told reporters in Mumbai. He said all these are positive things. "I'm not claiming to you that Venezuela alone can fill the hole that could be caused by some of the things that are happening around the world, but I think over time, it most certainly can, and in the short term, it can certainly help. "So, that's one of the things we'll talk about. With India,

US charges Maduro, wife with overseeing repression, torture of Americans

US prosecutors unveiled sweeping new criminal charges against former Venezuelan President Nicolas Maduro on Thursday, accusing him and his wife of heading a state-sponsored system of repression responsible for beating, asphyxiating, and delivering electric shocks to scores of victims, including several Americans. The torture charges add to pressure on the ousted authoritarian leader and his wife, Cilia Flores, who were seized from their Caracas home by the US military in January to face drug trafficking charges in New York. The updated indictment "alleges conduct that is truly unthinkable," US Attorney Jamie McDonald said outside the Manhattan courthouse where the case is being handled. "This is the epitome of corruption." Maduro denies the charges and "looks forward to his day in court," lawyer Barry Pollack said. Flores' attorney said he hadn't yet had time to review the new allegations. The indictment claims Maduro suggested torture methods, sought and received updates on specif

Reliance drives India's Venezuela oil imports to seven-year high in Oct

Venezuelan crude deliveries to India are expected to more than double to about 465,000 barrels a day this month, from 196,000 in September, according to Kpler estimate

Trump calls Venezuela oil deal 'greatest ever', but US firms raise concerns

President Donald Trump has hailed the US-Venezuela oil accord as a major opportunity, but American oil executives fear the arrangement could sideline them from lucrative projects

Nicolas Maduro, wife seek to end drug charges over head-of-state immunity

Former Venezuelan President Nicolas Maduro and his wife asked a judge on Wednesday to dismiss the drug trafficking indictment against them on the grounds that they have immunity as the leader and first lady of a foreign country. In papers filed in Manhattan federal court, lawyers for Maduro said a judge was required by law to reject the indictment because it cannot be brought against a foreign leader. "No American court has ever presided over the criminal trial of a foreign leader who was recognised by their own country as the sitting head of state at the time the charges were brought," the lawyers wrote. "That is not an accident of history. It reflects a rule older than the common law: heads of state are exempt from the criminal process of any national court but their own." Maduro and his wife are scheduled to go on trial on drug trafficking charges next June 1. Judge Alvin K. Hellerstein has set oral arguments for November 17 on motions to dismiss the indictment. Maduro, 63, and

Trump says Venezuela 'not ready yet' for elections after Maduro ouster

US President Donald Trump said Venezuela needs more time before holding elections after the capture of Nicolas Maduro, while praising acting President Delcy Rodríguez for doing a "very good job"

US oil giant Chevron confirms it will expand operations in Venezuela

Oil giant Chevron is confirming that it will expand its operations in Venezuela, just days after President Donald Trump announced an ambitious deal to develop the nation's oil reserves and give the Pentagon a stake in the profits. Chevron said Wednesday that it has been assigned additional acreage in the Orinoco Belt, where the company has an established position. Joint venture plans include investing more than USD 7 billion over the next five years, more than doubling production to approximately 6,00,000 barrels a day compared to 2026. "Chevron's history in Venezuela spans more than a century, and our expanded position reflects our confidence in the country's deep resource potential and its ability to compete for investment within our portfolio for decades," CEO Mike Wirth said in a prepared statement. "With improved terms and additional acreage, we are strengthening a portfolio that we believe can deliver attractive low-cost oil growth, support energy supply and create ...

Venezuela oil output to more than double in next few years: US energy chief

Venezuelan oil production peaked ​above 3 million barrels per day in the late ​1990s but plummeted after that on a lack of investment, mismanagement and US sanctions

US plans to get board veto, right of first refusal in Venezuela oil deal

The White House said the US will have first rights to buy 80% of the oil produced by a private operator in Venezuela and veto power over board appointments

ONGC to spend ₹1 trillion on deepwater exploration, drill 87 wells

State-run explorer plans to drill 87 deep and ultra-deepwater wells over five years as it seeks to arrest declining domestic crude oil and natural gas production

US govt to take 35% stake in Venezuelan mogul Betancourt's oil venture

The US also plans to secure preferential rights to purchase 20% ‌of the company's production ​at cost

Trump announces 'biggest oil deal in world history' with Venezuela

The landmark agreement with Venezuela will give the US majority control over more than 65 billion barrels of proven crude oil reserves

US set to take control of major portion of Venezuelan's oil wealth

The plan represents an unparalleled modern-day intervention into another country's economy, harkening back to British government control of Iran's oilfields

Venezuela weighs exit from Opec as US discusses stake in oil fields

Venezuela was one of the five oil producers that founded Opec in 1960 and is widely considered the most influential country in the group's creation