Companies like Exxon Mobil and ConocoPhillips say that Venezuela owes them billions of dollars for confiscating their assets two decades ago.

Venezuela’s oil industry has been in the spotlight since President Donald Trump captured the country’s President Nicolas Maduro.

The world is producing more oil than it needs, so 2026 prices are expected to be lower. The question is how low a barrel will get. “$50 to $60 range is what most are seeing. Now some are calling for prices to dip into the $40s,” said Garrett Golding with the Dallas Fed.

The Trump administration said it had an agreement with Venezuela’s government, but the country’s state-owned oil company said negotiations were underway.

Forbes contributors publish independent expert analyses and insights. Robert Rapier is a chemical engineer covering the energy sector. This article is more than 2 years old. CRANE, TEXAS - MARCH 12: In an aerial view, an oil pumpjack works in the Permian ...

Ukraine said its drones struck the largest Russian gas processing plant in the Orenburg region, which also processes gas from Kazakhstan’s Karachaganak oil and gas condensate field.

The U.S. has seized another oil tanker in the Caribbean Sea as it works to control Venezuela's oil. It was "suspected of carrying embargoed oil."

A man carries buckets while working to clean up an oil spill near a pipeline of state-owned Petroleos de Venezuela (PDVSA) in Voladero, Monagas state, Venezuela, on November 5, 2021. - Leaks, rusted pipes, pieces of broken equipment scattered about and ...