Venezuela oil loss put at $4.5bn
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ConocoPhillips says  that a decision not to accept a minority stake  in Venezuelan oilfields may cost it $4.5bn.
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Crude oil futures prices briefly shot above $48 a barrel Friday as already strong concerns about heating oil supplies ahead of winter were stoked by a reported refinery outage in Venezuela.
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Venezuela plans talks with Panama next week on a proposal to pump oil through a Panamanian pipeline to the Pacific in order to cut shipping costs to China, the Venezuelan foreign minister said Wednesday.
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Oil prices firmed after touching a four-month low on Wednesday, as a government report showing that US supplies of heating oil rose only slightly last week kept dealers on edge ahead of Friday&#39;s OPEC meeting.
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US oil giant Exxon Mobil says courts have frozen $36bn of Venezuela's assets in its dispute with the government.
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GENEVA: International airlines are heading for a near $US5 billion ($NZ7.12 billion) loss this year, largely due to a rise in oil prices, the industry&#39;s global body said on Tuesday.
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VIENNA -- OPEC will hold its oil production steady for now -- but it is casting a wary eye on prices as the cost of crude plummets to five-month lows.
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Venezuela on Sunday ordered foreign oil firms operating in its huge Orinoco heavy crude belt to pay much higher taxes in what President Hugo Chavez called
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GENEVA: International airlines are heading for a near US$5bil loss this year, largely due to the rise in oil prices, the industryâs global body said on Tuesday.
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NYMEX crude oil futures  hit a new record of &#36;46.76 on Monday on worries about possible unrest and disruption to oil supply as Venezuelans voted in a referendum on whether to recall President Hugo Chavez.
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Oil prices fell $1 below record highs  on Tuesday as fears over supply disruptions in Venezuela eased  after President Hugo Chavez won a vote on his rule.
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The global airline industry is forecast to have made net losses of $4.8bn this year, as the rise in the oil price has overwhelmed efforts by carriers to cut costs.
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International airlines are heading for a near USD$5 billion loss this year, largely due to the rise in oil prices, the industry&#39;s global body said on Tuesday.
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Oil exports by Venezuela have not been disturbed by the referendum on the rule of President Hugo Chavez, shipping sources said late Sunday.
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Venezuela's oil operations and cash  flows have not been affected by court orders won by Exxon Mobil  Corp  to freeze up assets as the U.S. giant fights for  compensation for a project nationalized last year, the nation's  energy minister said on Friday.
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Oil prices fell 23 cents to $46.35 a barrel after Venezuelan Hugo Chavez won a recall referendum, appeasing worried energy markets.
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Exxon Mobil has obtained a court order freezing up to $12 billion of Venezuela's state-owned oil company's worldwide assets after the government of President Hugo Chavez forced the company out of two joint ventures last year, a company spokeswoman said Thursday.