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  • Venezuelan President Hugo Chavez said on Sunday oil prices could hit $300 per barrel if U.S. oil company Exxon Mobil again freezes Venezuelan assets in a dispute over a nationalized oil project.

  • Hugo Chavez

    U.S. imports of Venezuelan oil fell 11.7 percent during the first four months of the year compared to the same period in 2007, the U.S. government said Monday.

  • Pres. Hugo Chavez of Venezuela

    Venezuelan President Hugo Chavez Thursday threatened to stop selling oil to European countries if they apply a new ruling on illegal immigrants that is criticized in Latin America and by human rights groups.

  • Venezuela will not attend a meeting of oil consumers and producers this coming weekend and sees no need to up output, the country's oil minister said on Wednesday.

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

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

  • 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.

  • 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 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.

  • 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 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.

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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 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 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 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.

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    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.

  • 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.

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    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.

  • 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 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.