Venezuela can't pump enough commercially viable oil to meet domestic demands and is importing crude, reports USA Today.» Read More
Venezuela has begun moving oil revenue into Swiss banks to avoid a possible seizure of funds by Exxon Mobil in a legal tussle that pits leftist anti-U.S. President Hugo Chavez against America's biggest company.
President Hugo Chavez Sundaywarned he would halt oil supplies to the United States if it continued to attack Venezuela as he said it had done with an Exxon Mobil lawsuit freezing assets of the OPEC nation.
Venezuela's top oil official accused Exxon Mobil of "judicial terrorism," but said court orders won by the oil major do not amount to confiscation of $12 billion in assets.
Exxon Mobil has moved to freeze up to $36 billion in Venezuelan assets around the world as the U.S. company fights for payment in return for the state's takeover of a huge oil project last year.
As you may have read in Sharon's post, both she and I are "sharing" the joy of making predictions for 2008 as part of CNBC's Outlook For '08. Here are mine, with as much "futuristic foresight" as I can muster:
Humbled by his first electoral defeat ever, President Hugo Chavez said Monday he may have been too ambitious in asking voters to let him stand indefinitely for re-election and endorse a huge leap to a socialist state.
Venezuelans voted in a tightly contested referendum Sunday on whether to allow left-wing President Hugo Chavez to stay in power for as long as he keeps winning elections or hand him his first defeat at the polls.
A constitutional referendum in Venezuela on Sunday is expected to significantly consolidate the power of President Hugo Chavez -- paving the way for a lifetime presidency and possibly an era of strong-man socialism -- but is not expected to fundamentally alter economic relations with the U.S., which are dominated by oil trade, analysts said Friday.
ConocoPhillips Chief Executive James Mulva said on Wednesday he was "encouraged" by talks with Venezuela on reaching a compensation deal over the seizure of the oil company's assets there.
Venezuela will buy back debt as part of a general policy of reducing its debt-servicing payments but, for now, will hold off on announcing details of its plan, the OPEC nation's economy minister said on Tuesday.
A South American alliance might get Argentine steelmaker Ternium the pass it needs to continue doing business in Venezuela.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
Thanks to the man who puts fear into the hearts of greedy capitalists everywhere, companies that do business in Venezuela can be had on the cheap.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
Petro-Canada has decided to pull out of Venezuela and has reached an agreement with the state oil company on compensation for its oil investments, the Venezuelan government said.
U.S. oil giants Exxon Mobil and ConocoPhillips both left huge crude projects in Venezuela's Orinoco Belt after President Hugo Chavez nationalized them as part of his socialist revolution. Venezuela is the fourth biggest supplier of oil to the United States.
Venezuela's oldest private television station went off the air just before midnight Sunday as thousands banged on pots and pans in protest against a decision by President Hugo Chavez that did away with a popular opposition-aligned channel.
Venezuela will withdraw from the Washington-based lending organizations, the IMF and World Bank, in a symbolic move that distances leftist President Hugo Chavez from much of the international economic community.
Brazilian President Luiz Inacio Lula da Silva, the leader of the continent's largest economy who has moved closer to U.S. President George W. Bush over ethanol output, swiped at Hugo Chavez, rejecting his fellow leftist's criticism of their plan.