Venezuela can't pump enough commercially viable oil to meet domestic demands and is importing crude, reports USA Today.» Read More
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.