Middle East oil power is losing geopolitical influence. Global energy diversification and reduced Western dependence—especially by the U.S. and EU—have made markets more resilient to Middle Eastern disruptions. Future conflicts may be decoupled from ...

Venezuela alone holds about 19% of global proven reserves. But where the country has severely lagged is production. Despite the ample oil reserves, political and economic instability and heavy international sanctions have gotten in the way of maximizing production.

Oil has long been the backbone of Venezuela’s economy. The state-owned oil company PDVSA was once regarded as one of the most capable national oil firms globally, producing over 3 million barrels per day at its peak.

Venezuela continues to hold the world's largest proven oil reserves, with approximately 303 billion barrels, accounting for nearly 19% of global totals.

At-a-Glance: The Middle East anchors global oil through low-cost, long-life reserves (~48–52% of proved barrels) and swing production (~30–33% of crude supply) with the bulk of the world’s spare capacity and control of key maritime chokepoints.

Data from the consulting firm Mysteel OilChem indicates that the utilization rate at China’s private refineries has fallen to 45%, approaching a three-month low NEW YORK, June 20. /TASS/. Crude oil stockpiles in China have reached record levels amid the ...

The U.S. shale revolution transformed America from a major importer to a top energy exporter, reshaping global power dynamics. Saudi Arabia and the UAE are partnering with U.S. firms to develop large-scale shale gas projects, seeking to emulate America’s ...