Open

Coming up

Don't miss

Replay


LATEST SHOWS

AFRICA NEWS

2014-07-11 21:47 AFRICA NEWS

Read more

MEDIAWATCH

Finally, a good use for new app "Yo"

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014

Read more

REPORTERS

Exclusive: an unlikely victim of the 'War on Terror'

Read more

#THE 51%

Sweden: A Feminist's Paradise?

Read more

FRANCE IN FOCUS

Politics: parties under pressure

Read more

FOCUS

In Burma, the rise of radical Buddhism

Read more

ENCORE!

Haute Couture: the hand-stitched clothing made in Paris that sells for the price of small yachts

Read more

  • Amazon snubs French free delivery ban with one-cent charge

    Read more

  • Exclusive: an unlikely victim of the 'War on Terror'

    Read more

  • Netanyahu resists international pressure to stop air strikes on Gaza

    Read more

  • Magnitude 6.8 quake, small tsunami hit east Japan

    Read more

  • The third-place playoff: the World Cup game no one wants to play

    Read more

  • Suspect in Brussels Jewish Museum shooting drops extradition appeal

    Read more

  • Kurdish forces take over two oilfields in northern Iraq

    Read more

  • Are French high school students getting smarter?

    Read more

  • Italy’s Trentin wins seventh stage of Tour de France

    Read more

  • Disgraced Suarez leaves Liverpool for Barcelona

    Read more

  • In pictures: Chanel, Dior and so much more at the Paris couture shows

    Read more

  • French ‘Civic Service’ eyes massive expansion amid huge demand

    Read more

  • In Pictures: Petrol station hit by Hamas rockets

    Read more

  • Manhunt as FIFA partner flees Rio hotel to avoid arrest

    Read more

  • Video: Palestinians fear full Israeli military offensive in Gaza

    Read more

Venezuela halts oil supplies to Exxon Mobil

©

Latest update : 2008-02-13

Venezuela has 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 nationalised by Venezuelan President Hugo Chavez.

HOUSTON, Feb 12 (Reuters) - The head of the International
Energy Agency on Tuesday said he was concerned by Venezuela's
decision to stop oil sales to top U.S. oil company Exxon Mobil
and was watching the situation closely.
 

"We have the concern on the physical side of the event and
are carefully watching," IEA Executive Director Nobuo Tanaka
told reporters at the CERA Week conference shortly after the
South American country suspended oil exports to Exxon Mobil.
 

"If there is a risk of a physical disruption we are happy
to move," Tanaka said.
 

The IEA, energy advisor to 27 industrialized nations
including the United States, coordinates the release of global
crude oil and refined product stockpiles in the event of a
major supply disruption.
 

The last time the IEA released stocks was after two
hurricanes slammed into the U.S. Gulf Coast in 2005.
 

Exxon Mobil won temporary court rulings freezing up to $12
billion in Venezuelan assets in a fight over payment for the
nationalized heavy crude project.
 

But Venezuelan state oil company PDVSA said it would not
break certain contracts with Exxon, an apparent reference to
the jointly owned Chalmette refinery in Louisiana.
 

It was not immediately clear what PDVSA would do with the
excess crude that would normally go to Exxon Mobil.
 

Venezuela's announcement pushed oil prices higher in late
trading on Tuesday, after prices declined during regular
activity. Oil had surged on Monday after Chavez threatened to
curtail oil supplies to the United States.

Date created : 2008-02-13

Comments

COMMENT(S)