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.
Venezuela on Tuesday called for oil to be priced and billed in currencies other than the weak U.S. dollar, which has eroded producer nations' purchasing power.
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.
So there we have it. A long, drawn out battle has been won once again by the globe’s mightiest oil producer: Saudi Arabia.
OPEC weighed a push by some members Monday to modestly boost its production quota amid stubbornly high oil prices and expectations of a spike later this year in the global demand for crude.
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.
Stock futures point lower this morning after a weak showing in equities markets worldwide. European stocks are trading lower, and Asian markets were mostly down overnight. Volatility will no doubt be the tone of the day, as the Fed starts its two-day meeting. Durable goods fell 2.8%, below expectations. The dollar slid after the report and Treasurys rallied.
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.
John Kilduff, senior vice president and energy analyst at Man Financial, appeared on CNBC's special "Power Lunch at the Four Seasons" to give his outlook for oil and gasoline -- and to explain why easing tensions in Nigeria haven't made him bearish on either.
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.
Venezuelan President Hugo Chavez threatened to nationalize the country's banks and largest steel producer, accusing them of unscrupulous practices.