Bloomberg Oil registered its biggest weekly decline since July as a streak of disappointing economic data compounded fears about a global recession. The 0.7% rise in New York-traded futures wasn’t enough to correct a 5.5% drop for the week. Rising US payrolls and the lowest unemployment rate in five decades undercut prospects of interest-rate cuts by the Federal Reserve. “The …

Bloomberg Venezuela’s state oil company has briefly cut output in the Orinoco Belt — which accounts for about half of the nation’s total production — to a maximum of 200,000 barrels a day after swelling inventories forced blending plants to shut. Petroleos de Venezuela SA set a production limit at the extra-heavy crude area of the Orinoco, the country’s main …

Bloomberg Mexico’s Finance Minister Arturo Herrera said the country should debate how to exploit its deep-water hydrocarbon riches, in an apparent challenge to President Andres Manuel Lopez Obrador’s decision to suspend the private oil auctions to explore these deposits. “We need to have a profound discussion about what we are going to do with deep water, because in deep water, …