Venezuela raises oil drilling tax
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President Chavez increases 16-fold the taxes paid by foreign oil companies operating in Venezuela.
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CARACAS, Venezuela  - 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 a drive to tighten sovereign control over petroleum  resources.
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Venezuelan President Hugo Chavez bolstered his cooperation with Cuba on Saturday by signing energy, farming and finance accords, including a deal to expand of one of his socialist ally's oil refineries.
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British energy giant BP PLC said Wednesday that oil and gas production rose 4 percent in the fourth quarter of 2004, largely due to higher output from Russia, but added that higher taxes there would take a chunk out of earnings.
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Oil rose nearly $1 on Monday to match its highest in almost a month, extending last week's late gains as Venezuela threatened to halt oil exports to the United States and bomb alerts shut down one of Britain's largest gas fields.
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President Hugo ChÃ¡vez of Venezuela said a decision to end tax breaks on four oil projects would not drive oil companies away.
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Not everyone was complaining when the price of a barrel of oil flirted with the $50 mark on global markets earlier this summer. For Venezuelan President Hugo Chavez, it meant more money to
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Oil cartel Opec said yesterday it would increase its official output by 1m barrels of oil a day from November, but oil prices still rose as the cartel noted it was already pumping more than it should.
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The price of oil jumped to another high on Monday, in part because of dramatic disruptions caused by hurricanes whipping through the Gulf of Mexico.
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Venezuelan President Hugo  Chavez proposed on Friday extending a barter scheme used by  Cuba to other Caribbean and Central American nations to help  them pay for oil supplies with products and services.
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Russia&#39;s Tax Ministry has raised its back-tax claims against oil major YUKOS by a fifth for the 2001 financial year to 119.9 billion roubles ($4.
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Venezuela&#39;s oil price has increased by 0.89 dollars to 37.08 dollars a barrel, the Energy and Mining Ministry said on Friday. The ministry attributed the price rise to hurricane
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PARIS, Oct 22  - The French government will raise gas prices by nearly 10 percent on November 1 owing to surging oil prices, the French daily Le Parisien reported Friday.
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Oil prices rose for the second day in a row on Thursday as several OPEC ministers called for the cartel to stop producing more oil than its official target.
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World oil prices rose on Tuesday as  Hurricane Ivan charged toward the oil-rich Gulf of Mexico,  where energy companies evacuated thousands of offshore workers  and halted some production.
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World oil prices should remain next year around current levels and OPEC&#39;s existing price target band should be raised because it has failed to reflect the market, Venezuela&#39;s energy minister said on Sunday.
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Oil prices rose to near $63 a barrel on Friday, after BP Plc shut in output at an oil field in Alaska and OPEC members Nigeria and Venezuela pledged to cut production.