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Exxon wins freeze on $12 billion of Venezuelan assets
Exxon Mobil Corp has won court orders freezing up to $12 billion in Venezuelan assets around the world as it fights for compensation for operations lost to president hugo chavez's nationalization drive. The largest U.S. company sought the asset freeze to guarantee repayment should it win arbitration over the Cerro Negro heavy oil project. The move is the boldest challenge yet by an international oil major against any of the governments around the world that have moved to increase their holds on natural resources as energy and commodity prices have soared.
http://news.yahoo.com/s/nm/20080208/bs_nm/exxon_venezula_dc_2;_ylt=AhYK9_WCfzQzklGXvWl1TUYE1vAI
 
Fivetears said:
Exxon wins freeze on $12 billion of Venezuelan assets
Exxon Mobil Corp has won court orders freezing up to $12 billion in Venezuelan assets around the world as it fights for compensation for operations lost to president hugo chavez's nationalization drive. The largest U.S. company sought the asset freeze to guarantee repayment should it win arbitration over the Cerro Negro heavy oil project. The move is the boldest challenge yet by an international oil major against any of the governments around the world that have moved to increase their holds on natural resources as energy and commodity prices have soared.
http://news.yahoo.com/s/nm/20080208/bs_nm/exxon_venezula_dc_2;_ylt=AhYK9_WCfzQzklGXvWl1TUYE1vAI
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And EXXON made, what was it 55 BILLION last year? Good for them as long as its hurting Hugo! BRAVO!!!:laugh::laugh:
 
Venezuela downplays Exxon "terrorist" asset freeze
Venezuela said its oil exports, operations and cash flow were unaffected by Exxon Mobil Corp's "terrorist" move that won court orders freezing up to $12 billion of the major U.S. supplier's energy assets. The government of anti-U.S. president hugo chavez accused the largest American company of seeking to destabilize the OPEC nation by using a legal case to create panic over its finances.
http://news.yahoo.com/s/nm/20080208/bs_nm/exxon_venezuela_citgo_dc;_ylt=At.phUMRwStTqPZjkHPZSt6b.HQA
 
Venezuela's Chavez threatens oil cut-off
Dictator hugo chavez on Sunday threatened to cut off oil sales to the United States if Exxon Mobil wins court judgments to seize billions of dollars in Venezuelan assets. "If you end up freezing (Venezuelan assets) and it harms us, we're going to harm you," chavez said. "Do you know how? We aren't going to send oil to the United States. Take note, Mr. Bush, Mr. Danger."
http://money.cnn.com/2008/02/10/news/international/chavez.ap/index.htm?postversion=2008021016
 
Fivetears said:
Venezuela's Chavez threatens oil cut-off
Dictator hugo chavez on Sunday threatened to cut off oil sales to the United States if Exxon Mobil wins court judgments to seize billions of dollars in Venezuelan assets. "If you end up freezing (Venezuelan assets) and it harms us, we're going to harm you," chavez said. "Do you know how? We aren't going to send oil to the United States. Take note, Mr. Bush, Mr. Danger."
http://money.cnn.com/2008/02/10/news/international/chavez.ap/index.htm?postversion=2008021016
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I think that's a good idea Hugo, go right ahead! :D I will gladly pay a little more to get rid of your scaly butt!:nuts: SNAKE!
 
Fivetears said:
Gas prices pull back (Yeah Right!)
The national average price for gasoline fell about 3 cents over the past two weeks, according to a survey released Sunday. The average price of self-serve regular gasoline on Friday was $2.94 a gallon, mid-grade was $3.07 and premium was $3.18, according to the Lundberg Survey of 7,000 stations nationwide.
http://money.cnn.com/2008/02/10/news/economy/lundberg.ap/index.htm
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Down is good but Oil and Gas futures are on the rise right now. It's has to trickle down Ya know!:cool: Like to see the current Report?:D
http://tonto.eia.doe.gov/oog/info/gdu/gasdiesel.asp
 
Oil prices seesaw on Venezuela, economy:worried:

Crude prices volatile as traders balance recession fears with Venezuela's threat to cut off oil sales to U.S.

February 11 2008: 8:12 AM EST

Exxon Mobil obtains court orders freezing $12 billion worth of assets under Venezuela's control. Play video

SINGAPORE (AP) -- Oil prices ranged widely Monday, supported by Venezuelan President Hugo Chavez's threat to cut off sales to the United States, but weighed down by continued worries about a U.S. recession.
Light, sweet crude for March delivery rose 11 cents to $91.88 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. Earlier, prices rose as high as $92.71 and fell as low as $91.30 a barrel.
Oil spiked Sunday when Chavez accused Texas-based Exxon Mobil of acting in concert with Washington, and vowed that "the outlaws of Exxon Mobil will never again rob us."
Exxon Mobil (XOM, Fortune 500) has gone after the assets of Venezuelan state oil company Petroleos de Venezuela SA in U.S., British and Dutch courts, challenging the nationalization by Chavez's government of a multibillion dollar oil project. A British court has issued an injunction "freezing" as much as $12 billion in assets.
"If you end up freezing [Venezuelan assets] and it harms us, we're going to harm you," Chavez said. "Do you know how? We aren't going to send oil to the United States. Take note, Mr. Bush, Mr. Danger."
The threats by Chavez boosted prices, even as analysts downplayed the chances of Venezuela cutting off supplies.
"The Venezuelan president is bluffing, but his well honed rhetoric will help support prices in New York and London nonetheless," said The Schork Report, issued by U.S. trader and analyst Stephen Schork.
The March contract on Friday had jumped $3.66 to settle at $91.77 a barrel amid other supply concerns.
Crude also rose on word that oil exports from Nigeria, Africa's biggest oil producer and a major U.S. supplier, could fall by as much as 1 million barrels a day due to the nation's deteriorating security situation and planned maintenance. Nigeria is locked in a long-running battle with rebels intent on hurting the nation's oil industry infrastructure.
Still, fears of a U.S. recession which would dampen oil demand continue to tint the market with a bearish tone. Investors on Friday found reason to hope that the U.S. economy will dodge a serious downturn as Congress approved a rescue plan designed to put government money in the hands of American shoppers to revive the flagging economy.
In London, Brent crude fell 25 cents to $91.69 a barrel on the ICE Futures exchange.
Heating oil futures fell 0.42 cent to $2.5499 a gallon while gasoline prices were unchanged 0.28 cents to $2.3572 a gallon.
Natural gas futures gained 14.3 cents to $8.444 per 1,000 cubic feet.
Venezuela's Chavez threatens oil cut-off
http://money.cnn.com/2008/02/11/markets/oil_prices.ap/index.htm?postversion=2008021108
 
Look, Hugo is on the offensive!!:laugh:

Venezuela cuts ties with Exxon

State-run Petroleos de Venezuela says it 'has paralyzed sales of crude' to the No. 1 U.S. oil company.

February 12 2008: 7:40 PM EST

CARACAS, Venezuela (AP) -- Venezuela's state oil company said Tuesday it has stopped selling crude to Exxon Mobil and has suspended commercial relations with the U.S.-based oil company.​
State-run Petroleos de Venezuela, or PDVSA, said in a statement that it "has paralyzed sales of crude to Exxon Mobil." It said the decision was made "as an act of reciprocity" for the company's "judicial-economic harassment."
President Hugo Chavez has shaken oil markets this week with broader threats to cut off oil supplies to the United States. His threats came in response to a drive by Exxon Mobil to seize Venezuelan assets through U.S. and European courts in a dispute over the nationalization of its oil ventures in Venezuela.
The impact of the decision on Exxon Mobil (XOM, Fortune 500) was not immediately clear. Both Chavez and Oil Minister Rafael Ramirez previously said the Irving, Texas-based company is no longer welcome to do business in Venezuela.
One analyst said the move will have little impact on Exxon.
"It's more or less political rhetoric," said Ruchir Kadakia, assistant director for global oil at Cambridge Energy Research Associates, who was attending an energy conference in Houston.
Kadakia said Venezuela still needs to sell its oil to refiners geared to process it, as the oil is a heavy variety - and most of those refiners are in the United States.
"They'll sell it to a third party that will then sell it to Exxon," he said. "It's just an attempt for Chavez to do something, being that his assets are frozen." http://money.cnn.com/2008/02/12/new...la.us.oil.ap/index.htm?postversion=2008021219
 
Oil prices fall below $93 on supply outlook

Venezuela cuts off supply to ExxonMobil, but traders are focusing on rising supplies.

February 13 2008: 6:27 AM EST

The Venezuelan president threatens to cut oil shipments to the United States.

SINGAPORE (AP) -- Oil prices fell Wednesday as traders overlooked Venezuela's halt of crude sales to Exxon Mobil and instead focused on forecasts for rising U.S. supplies and falling global demand.
The state-run Petroleos de Venezuela SA, or PDVSA, said Tuesday it has halted crude sales to Exxon Mobil Corp., the world's biggest oil company, in response to its court bid to freeze billions of dollars in Venezuelan assets.
Exxon Mobil (XOM, Fortune 500) is challenging the nationalization of its Venezuelan oil ventures in a dispute that has seen President Hugo Chavez threaten to cut off all supply to the United States.
Venezuela is currently the United States' fourth largest oil supplier.
Victor Shum, an energy analyst with Purvin & Gertz in Singapore, said only about 90,000 barrels of crude a day would be affected by the halt in sales.
"It should not significantly change the crude oil supply picture for the U.S. refining system," Shum said, adding that Venezuela's oil exports to the U.S. total about 1.2 million barrels per day.
Analysts said the impact of PDVSA's move on the crude market is primarily psychological and unlikely to significantly reduce supplies.
Shum's figure for oil affected by the halt in sales agrees with Energy Information Administration data that says Exxon Mobil imported 2.7 million barrels of crude from Venezuela in November, excluding supplies for a refinery at Chalmette, La., a joint venture in which PDVSA and Exxon Mobil are equal partners.
Investors: Don't blame us for high oil prices [more] http://money.cnn.com/2008/02/13/markets/bc.oilprices.ap/index.htm?postversion=2008021306
 
Oil still lower despite weak inventory data

Crude, gasoline supplies rise by less than expected in latest week.

February 13 2008: 10:35 AM EST

NEW YORK (CNNMoney.com) -- Oil prices remained lower Wednesday even after the government said supplies of crude and gasoline rose far less than expected last week.
U.S. light crude for March delivery fell 55 cents to $92.33 a barrel. Oil traded down 64 cents at $92.14 just prior to the report's release.
In its weekly inventory report, the Energy Information Administration said crude stocks rose by 1.1 million barrels last week. Analysts were looking for a rise of 2.7 million barrels, according to a Dow Jones poll.
Distillates, used to make heating oil and diesel fuel, fell by 100,000 barrels while gasoline supplies rose by 1.7 million barrels. Analysts were looking for a 1.2 million barrel decline in distillate supplies and a 1.9 million barrel rise in gasoline stockpiles. http://money.cnn.com/2008/02/13/markets/oil_eia/index.htm?postversion=2008021311
 
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Business
Oil & Gas ​


Venezuela unlikely to follow through on threat:laugh::laugh::laugh:

Reuters
Published: February 13, 2008, 00:20​

New York: Venezuela is unlikely to follow through on its threat to halt oil exports to the United States over the Opec nation's dispute with ExxonMobil because the move would choke off its main source of revenue.
The largest US company has won court rulings in Britain, the Netherlands, the Netherlands Antilles and New York, freezing over $12 billion of Venez-uela's overseas assets to fight the nationalisation of a multi-billion-dollar oil project last year.
But experts say Chavez, a harsh critic of US President George W. Bush, would gain little by cutting off his oil-reliant nation from its main buyer.
"We do not believe that there is any real threat that Venezuela will disrupt crude and product exports to the US," said Societe Generale in a research note.

"Venezuela is too dependent on oil export revenues, and the US is by far its biggest market."
Fiery left-winger Chavez has repeatedly warned that Venezuela, which accounts for around 11 per cent of all US oil imports, would halt sales to the United States if the Bush administration interfered with his government.
Chavez says the Bush government has supported his opponents and plotted to kill him.
Venezuela's crude exports were briefly halted in late 2002 and early 2003 during a crippling strike at state oil company PDVSA, which sent prices surging but cut the government off from its main source of income.
Experts said a deliberate US export halt would do little to reverse the courts' decisions and would again slash the revenues needed for Chavez's social programs for the poor.
"The decision to freeze PDVSA assets was a legal decision - not a political one - so it's difficult to imagine how a political decision by Chavez to stop exports to the US could affect the course of justice and serve his aims," said Antoine Halff of Newedge Group.
Additionally, finding alternative markets for Venezuela's heavy, sour oil is difficult because the crude must be processed in expensive, complex refineries such as those located on the US Gulf Coast.
US brushes off warning comment
The United States brushed off on Monday a new threat by Venezuelan President Hugo Chavez to cut oil deliveries to his northern neighbour.
"This is something that he has said before," US State Department spokesman Sean McCormack told reporters, adding that the oil-rich South American nation relies on US refineries to export its crude production.
"I can give you some statistics later on about the dependence of the Venezuelan petrochemical industry to the refining capacity residing in US," he said. "Beyond that, it is something that we have heard before."
http://www.gulfnews.com/business/Oil_and_Gas/10189233.html
 
Yeah that's what I figured would happen. Kind of like those goofy spam e-mails that come around saying everyone in the USA don't purchase gas on this day. That won't happen...but if this guy cut off selling gas to us he would be putting his own country in that bind.
 
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