U.S. backs Exxon in Venezuela assets battle
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The United States backed Exxon Mobil Corp's effort on Wednesday to win compensation from Venezuela for seized assets in a case that has prompted the OPEC nation to threaten to cut off oil supplies to America.
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ExxonMobil  sought court orders  in Europe to freeze $12 billion in Venezuela's overseas energy  assets because getting a similar order in the United States  before it won its arbitration case against Venezuela's state  oil company PDVSA would be too difficult under U.S. law, court  papers showed.
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U.S. stocks gained on Monday after  early reports of victory for the Venezuelan president in a  referendum on his rule eased fears about the country's oil  exports even as crude prices remain over $46 a barrel.
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CARACAS, Venezuela  - 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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Oilfield services company Halliburton Co.  said on Sunday it is committed to doing business in Venezuela, in an effort to clarify some comments its chief financial officer made earlier to investors.
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Exxon Mobil has won a British court order freezing up to $12 billion of worldwide assets belonging to the Venezuelan national oil company, Petroleos de Venezuela, in a dispute over President Hugo ChÃÂ¿vez's efforts to seize control of oil ventures in his country.
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U.S. stocks climbed on Monday, getting  a boost from lower oil prices after Venezuela's president  declared he had survived a recall referendum, easing fears  about the country's oil exports.
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Venezuela's state petroleum company PDVSA said Tuesday it suspended oil supplies to ExxonMobil in retaliation for the US energy giant's effort to freeze billions of dollars in global PDVSA assets.
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U.S. stocks gained on Monday, getting a boost from lower oil prices after news the Venezuelan president survived a recall eased fears about the country's oil exports.
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Venezuela minimized the compensation it owes Exxon Mobil Corp for an oil project on Thursday, the latest volley in hard-ball negotiations that have prompted a threat to stop sending America oil.
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President Hugo Chavez on Sunday threatened to cut off oil sales to the United States if Exxon Mobil Corp. wins court judgments to seize billions of dollars in Venezuelan assets.
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Oil prices ranged widely Monday, supported by Venezuelan President Hugo Chavez's threat to cut off sales to the United States
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Venezuelan President Hugo Chavez criticized the United States on Sunday for backing Colombia in a dispute over the abduction of a top Colombian rebel and said Washington was trying to divide Latin America.
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The presidents of Iran and Venezuela, leading U.S. critics, pledged Saturday to support one another in disputes with Washington, with the Iranian calling Hugo Chavez "a brother and trench mate."
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Rather than knuckle under to Hugo Chavez, Exxon is launching an arbitration process.
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Venezuela on Tuesday suspended oil exports to Exxon Mobil Corp, escalating the country's fight with the U.S. oil giant over compensation for a heavy crude project nationalized by socialist President Hugo Chavez.
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CARACAS, Venezuela, Feb. 11 -- The Venezuelan government on Friday dismissed U.S. criticism of its plans to buy Russian rifles and helicopters, suggesting that the Bush administration was angry because the country was not buying U.S. weapons.