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By Nidhi Verma and Jarrett Renshaw NEW DELHI, Jan 30 (Reuters) - The United States, which imposed tariffs on India last year for buying Venezuelan oil, has told Delhi it can resume those purchases soon to help replace imports of Russian oil,

Chevron is the only U.S. oil major operating in Venezuela through a special license issued by the Treasury Department.

The new reality has forced the Kremlin to raise taxes and increase debt, and hovers over peace talks with Ukraine.

The reform will undoubtedly be the signature policy of Delcy Rodríguez’s government as it positions the long-crippled oil sector to lure the foreign investment needed to revamp it.

The meeting of eight OPEC+ members comes as Brent crude closed near $70 a barrel on Friday, close to the six-month high of $71.89 reached on Thursday.

The controversial but influential forecasts of the International Energy Agency contributed to a major decline in investment in oil and gas exploration, as fears of "stranded assets" mounted. Now, as oil and gas appears likely to be the dominant energy source for decades to come,

Guyana and Venezuela share the same oil basin, but vastly different outcomes. This investor-focused analysis shows why institutions—not reserves—drive energy success.

Saudi Arabia’s economy expanded at the fastest pace in three years in 2025, with the oil sector emerging as a stronger engine of growth under new OPEC+ supply policy.

OPEC+ agreed to keep its oil output unchanged for March at a meeting, the producer group said on Sunday, even after crude prices hit six-month highs on concern the US could launch a military strike on OPEC member Iran.

The Treasury Department announced a general license authorizing U.S. firms to trade Venezuelan oil after Caracas approved a law to improve terms for foreign investors.