Analysts have expected Opec’s biggest producer to eventually curb its output, but Saudi Arabia said over the weekend the kingdom would not unilaterally cut its output to defend prices. Photographer: Eric Taylor/Bloomberg

Oil prices dropped over a percentage point on Monday after Saudi Arabia said over the weekend that the market defined prices and the kingdom would not(...)

Venezuelan foreign minister Delcy Rodriguez told reporters Caracas would respond to the US sanctions move soon. Photograph: Carlos Garcia Rawlins/Reuters

The United States declared Venezuela a national security threat on Monday and ordered sanctions against seven officials from the oil-rich country in t(...)

With an economy that is expected to contract by seven per cent this year, inflation running at 68 per cent, a currency devaluation put at as much as 7(...)

Antonio Ledezma, the mayor of Caracas, Venezuela. Opposition leaders have demanded the mayor’s release following his arrest on the charge of plotting violence against the government. Photograph: Meridith Kohut/Bloomberg

Venezuelan opposition leaders have demanded the release of the mayor of Caracas following his arrest on accusations of plotting violence against presi(...)

Opec forecast demand for its oil will average 29.21 million barrels a  day this year. Photograph: Martin Rickett/PA

Oil rose for a third straight session yesterday as Opec forecast greater demand for crude this year than previously thought and projected less supply (...)

Some investors are betting a floor has formed under the market’s seven-month-long rout

Oil giant BP has said it is to cut capital expenditure by 13 per cent to $20 billion in 2015. Last week, Chevron announced a 13 per cent cut in capita(...)

A worker waits to connect a drill bit on Endeavor Energy Resources LP’s Big Dog Drilling Rig 22 in the Permian basin outside of Midland, Texas. Of all the booming US oil regions set soaring by a drilling renaissance in shale rock, the Permian and Bakken basins are among the most vulnerable to lower oil prices. Photograph: Brittany Sowacke/Bloomberg

Overheard in Austin: “The Dallas Cowboys in the playoffs and gas under two bucks a gallon. Is this the 1990s?”That was weeks ago. Since then the Cowbo(...)

Crude oil prices fell on Thursday, with both Brent futures dropping below $48 a barrel because of a global oversupply. Photo: Bloomberg

Crude oil prices fell on Thursday, with both Brent futures dropping below $48 a barrel because of a global oversupply, following a volatile session th(...)

Workers change a pipe on the Laurus oil drilling rig off the coast of Ciudad del Carmen in Mexico. Photograph: Susana Gonzalez/Bloomberg

Oil prices slid further below the $50 a barrel mark yesterday to a near six-year low amid concerns of a bigger oil surplus in the coming months.ICE Fe(...)

A visitor passes ENOC-branded oil barrels stored at the Emirates National Oil   lubricants and grease manufacturing plant in Fujairah, United Arab Emirates. Photograph: Gabriela Maj/Bloomberg

Global oil prices extended their slide on Monday as Goldman Sachs lowered its short-term price outlook, while refineries in Ohio and Pennsylvania were(...)