An intense fire at a Venezuelan refinery spread to a third fuel tank nearly three days after an explosion killed at least 41 people and injured more than 150.

A huge explosion rocked Venezuela’s biggest oil refinery and unleashed a ferocious fire, killing at least 39 people and injuring more than 80 others in one of the deadliest disasters ever to hit the country’s key oil industry.

A huge explosion has rocked Venezuela’s biggest oil refinery, killing at least 24 people and injuring more than 50 others in the deadliest disaster in memory for the country’s oil industry.

The death toll from an explosion at Venezuela’s biggest oil refinery has risen to 19, according to a state governor.

Venezuela plans to leave the World Bank’s international arbitration body and try to settle disputes with foreign companies within its own judicial system, Oil Minister Rafael Ramirez said.

Venezuelan president Hugo Chavez said he is returning to his country today after undergoing a series of medical tests in Cuba.

Supply concerns have driven world oil prices upwards in Asia after key producer Venezuela indicated that it could ask OPEC to cut output.

President Hugo Chavez’s government took over Venezuela’s last remaining privately run oil fields today, intensifying a decisive struggle with Big Oil over one of the world’s most lucrative deposits.

Volatility in the global oil market is unlikely to affect oil-producing countries’ plans to invest billions of dollars to boost capacity, Saudi Arabia’s oil minister said today.

Venezuela said yesterday that it will cut oil production by 50,000 barrels a day to try and stem the recent fall in crude prices, while President Hugo Chavez said an “appropriate” price for oil was 50-60 dollars a barrel.

Oil-producing nations are expected to dismiss a call by Venezuelan president Hugo Chavez for a production cut as he hosts an Opec meeting.

The Organisation of Petroleum Exporting Countries (OPEC) essentially sat on its hands yesterday in the face of soaring oil prices by deciding to keep its output steady.

OPEC has no obvious reason to cut its oil output, the group’s president said today, even though Iran and Venezuela have cited excess supply in pushing for a reduction.

Iran’s oil minister said today that OPEC would make any decision on adjusting oil supplies in a collective manner, comments that could allay fears his country would use the meeting as a stump speech over its nuclear ambitions.

OPEC will probably raise its output ceiling this week in an attempt to rein in near-record oil prices, but refining bottlenecks will continue to drive the market and make any potential hike nothing more than a symbolic gesture.

OPEC member Venezuela accused the Paris-based International Energy Agency of damaging its reputation as a reliable oil supplier by questioning Venezuela’s crude production figures.

Opec representatives began emergency talks today as pressure mounted for the cartel to curb oil production and reduce oversupply now that the war in Iraq is over.

OPEC needs to compensate for a shortfall in oil exports from Venezuela but it shouldn’t change its output target of 23 million barrels a day, the group’s most influential oil minister said today.

Venezuela’s president Hugo Chavez returned triumphantly to office two days after he was ousted and arrested by Venezuela’s military, raising his fist in the air as he greeted supporters and reclaimed the presidential palace today.