Saudi Arabia wants to cooperate with other oil producers to support the market, Al Arabiya reported, citing an unnamed Saudi source.» Read More
The Misery Index is a simple calculation that became a political hot potato in the late 1970s and early 1980s. By adding the unemployment rate and inflation together, the index gave policy makers a tool by which to measure economic misery. As President Barack Obama prepares for his re-election run, the index stands at just 11 percent, some 10 percent lower than Carter faced 31 years ago.
With data from the Energy Information Administration (EIA), a division of the Department of Energy, CNBC.com took a look at the countries that produce the most crude oil on a daily basis.
After decades of boom to bust behavior, economies from Mexico to Brazil are looking dynamic, diverse and durable, helped by a wealth of natural resources and a good measure of fiscal discipline.
Venezuelan President Hugo Chavez ordered the expropriation of U.S.-based glass container manufacturer Owens-Illinois's subsidiary in the South American country.
Venezuela's government has seized control of 11 oil rigs owned by U.S. driller Helmerich & Payne, arguing that drilling had to be restarted after the company halted operations in response to delayed payments from the country's state oil company.
American industries of all kinds—from travel and telecom to construction and energy—would be poised to profit if the 52-year trade embargo with Cuba were lifted. Among the first businesses to cash in would be those involved with tourism, most experts agree.
At least 40 butchers were detained in Venezuela last week on charges of speculation for allegedly driving up their prices. Some say they were held at a military base and were later strip searched when turned over to police.
Accompanying Venezuela’s soaring levels of murders and kidnappings, its cemeteries are the setting for a new kind of crime wave, says the New York Times.
Venezuelan President Hugo Chavez lashed out at an agreement for American troops to use more Colombian military bases on Friday, accusing the U.S. of aiming to start a conflict and urging his military to be prepared.
The price of oil looks set to rise further as political factors limiting investment will join rising demand and a weak dollar among factors pushing up prices, analysts told CNBC Wednesday.
The deep waters off the coasts of countries like Brazil and Sierra Leone have become hot spots for large discoveries of oil this year as exploration continues to move further from shore.
Russia and Venezuela on Saturday moved closer to an oil venture deal and discussed arms trade, forging a partnership that may drag Russia into a row over the U.S. military presence in Colombia.
The government of President Hugo Chavez seized control of two of Venezuela's largest coffee processing plants on Monday, threatening to expropriate them if investigations reveal they have illegally smuggled coffee out of the country.
It's hard to find a spare tire in Cuba these days, or a cup of yogurt. Air conditioners are shut off in the dead heat. Factories close at peak hours, and workers go without their government-subsidized lunches.
President Hugo Chavez on Tuesday alleged that U.S. intelligence agencies were behind a purported assassination plot that prevented him from visiting El Salvador.
President Hugo Chavez ordered the takeover of at least six metal, ceramic and other companies Thursday, accelerating his push to spread socialism and build "an industrial complex" in Venezuela.
The global economy has crashed and so has the price of oil. The same countries that used billions from crude exports to subsidize gasoline at home, even as prices hit record highs elsewhere in the world, are now under tremendous strain.
President Hugo Chavez said Thursday that his government has seized land owned by an Irish cardboard maker as part of a sweeping agrarian reform initiative.
Venezuela's Citgo Petroleum says it's laying off 75 employees because of the world economic crisis.
President Hugo Chávez, buffeted by falling oil prices that threaten to damage his efforts to establish a Socialist-inspired state, is quietly courting Western oil companies once again, the New York Times reports.