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Business Venezuela

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  • Portfolio Need Some Spice? Brazil's Market Is Red Hot Monday, 28 Apr 2008 | 11:32 AM ET

    Brazil's strong growth-- fueled by red-hot commodities exports and a strong domestic demand-- offers investors a growing range of options.

  • Venezuela Wants to Boot Exxon from Louisiana Refinery Wednesday, 9 Apr 2008 | 2:59 PM ET
    chavez_hugo_photo.jpg

    Venezuela is seeking to remove Exxon Mobil as the operator of its joint-venture refinery in Chalmette, Louisiana, Oil Minister Rafael Ramirez said Wednesday.

  • Hugo Chavez Nationalizes Cement Industry Friday, 4 Apr 2008 | 4:18 AM ET

    President Hugo Chavez Thursday announced the immediate nationalization of Venezuela's cement industry, a move that will hit Mexico's Cemex, just a year after Chavez launched a wave of state takeovers.

  • Hugo Chavez Plans Tax on Oil Sales Above $70 a Barrel Thursday, 3 Apr 2008 | 11:54 AM ET
    Venezuela, Venezuelan Flag

    Venezuela is preparing a "windfall" oil tax to boost the OPEC nation's revenues from record crude prices, only months after leftist President Hugo Chavez's nationalization crusade forced out two of the world's largest energy companies

  • Venezuela's Chavez: We Don't Want Pricier Oil Thursday, 27 Mar 2008 | 4:58 PM ET

    Venezuela is not interested in seeing oil prices rise further and is pushing to stabilize the market, President Hugo Chavez said after visiting the site of a Brazilian refinery being built to process Venezuelan crude.

  • Court Reverses Exxon Freeze on Venezuela Assets Tuesday, 18 Mar 2008 | 11:37 AM ET
    Venezuela, Venezuelan Flag

    A British judge has lifted a $12 billion freeze on Venezuelan assets awarded to U.S. oil major Exxon Mobil in a spat over a seized oil project.

  • Oil Settles at Record Near $109 a Barrel Tuesday, 11 Mar 2008 | 2:31 PM ET
    Oil Refinery in California

    U.S. crude oil futures settled at another record in volatile, choppy trading, as technical strength combined with skepticism about the dollar's long-term prospects after the Federal Reserve's liquidity action.

  • Oil Closes at Record High on US Dollar Worries Monday, 10 Mar 2008 | 3:02 PM ET
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    Oil shot up almost $3 a barrel Monday to a closing record of $107.90, extending a rally led by investors seeking a hedge against the tumbling U.S. dollar and inflation.

  • Oil Hits Record above $106 on Dollar Weakness Friday, 7 Mar 2008 | 1:33 PM ET
    Oil Refinery in California

    Oil prices hit a new record high as a weak dollar outweighed concerns of a recession in the United States that had been triggered by an unexpected drop in U.S. jobs data earlier in the day.

  • Oil Ends at Record Above $105 on Weak Dollar Thursday, 6 Mar 2008 | 3:35 PM ET
    Oil Refinery in California

    Crude oil futures rose to another record close Thursday, boosted once more by the dollar's continuing slide to new lows against the euro.

  • Oil Surges, Closes at Record High on US Supply Drop Wednesday, 5 Mar 2008 | 3:12 PM ET
    Oil Pipeline

    Oil surged Wednesday, rising a remarkable $5 a barrel to a new record over $104 after the government reported a surprise drop in crude oil stockpiles and OPEC held production levels steady.

  • $100.01 … Now What? Tuesday, 19 Feb 2008 | 6:29 PM ET
    tomorrows_playbook_1.jpg

    Even a supply surplus and falling demand are no match for oil’s momentum. As crude sets a new record close, commodity veteran Addison Armstrong gives his short and long-term views.

  • Exxon Flap Illuminates Brittle US-Chavez Ties Friday, 15 Feb 2008 | 3:06 PM ET
    Gas Pump

    An escalating battle with Exxon highlights the growing rift between the U.S. and Venezuela, which is likely to continue even after President Bush leaves the  White House.

  • Venezuela Ups "Ante" With Oil Cut Backs To Exxon Wednesday, 13 Feb 2008 | 4:05 PM ET
    exxon_mobil.jpg

    Venezuela's state-owned oil company PDSVA says it's cutting off supplies to ExxonMobil. Most traders I talk to think it's all talk from President Hugo Chavez while he tries to save face as the legal battle between his country and the oil giant has gone Exxon's favor so far.

  • For Exxon, More Is at Stake than Venezuelan Oil Wednesday, 13 Feb 2008 | 3:31 PM ET

    With more of the world's most valuable natural resources under the control of national governments, Exxon likely believes it has no other choice than to stand firm in its escalating battle with Venezuela.

  • Venezuela Needs the United States, Too Wednesday, 13 Feb 2008 | 11:38 AM ET

    Venezuela needs US refineries as much as we need the oil.The bulk of Venezuelan oil into Exxon's U.S. operations goes into its joint venture in Louisiana. Venezuela supplied about 78,000 bpd into the Chalmette refinery in Louisiana last year, according to energy analyst Andy Lipow in Houston.

  • Venezuela Cuts Off Oil Shipments to Exxon Mobil Wednesday, 13 Feb 2008 | 11:34 AM ET
    Hugo Chavez

    Venezuelan President Hugo Chavez stopped oil exports to Exxon Mobil on Tuesday, escalating a multibillion-dollar fight with the U.S. company two days after threatening to cut off all supplies to America.

  • Wednesday Look Ahead: Exxon's Battle Royale Tuesday, 12 Feb 2008 | 8:43 PM ET

    A key piece of economic data, some big earnings reports and a testy fight between Exxon Mobil and Venezuela may influence markets Wednesday.

  • Venezuela Cuts Off Oil Shipments to Exxon Mobil Tuesday, 12 Feb 2008 | 6:47 PM ET
    Hugo Chavez

    Venezuela's state oil company PDVSA has suspended oil exports to Exxon Mobil in retaliation for the freezing of billions of dollars of Venezuelan assets in a legal fight with the U.S. oil giant.

  • Venezuela Softens Tone on Threat to Cut US Oil Tuesday, 12 Feb 2008 | 2:33 PM ET
    Oil Pump

    Venezuela softened its tone on Tuesday over a threat to stop oil sales to America, with a top official saying a supply cut would be undesirable a day after world oil prices rose due to President Hugo Chavez's warning.