Wednesday, February 13, 2008


Oil prices rose to US$92 a barrel in the week of February 11, 2008. Venezuelan President Hugo Chavez's threats to cut off oil sales to the United States as a retaliatory measure against legal moves by Exxon Mobil Corp. to seize some Venezuelan assets, has sent oil prices up. ExxonMobil has sought the assets of Venezuelan state oil company Petroleos de Venezuela SA in American, British and Dutch courts, challenging the nationalization of a multibillion dollar oil project by Chavez's government. A British court has issued an injunction, freezing as much as US$12 bln in assets. Crude oil has also been moving up on news that oil exports from Nigeria, Africa's biggest oil producer and a major US supplier, could fall by as much as 1 million bpd due to the nation's deteriorating security situation and planned maintenance. Light, sweet crude for March delivery rose to US$92 a barrel in Asian electronic trading on the New York Mercantile Exchange. In London, Brent crude rose to US$92.19 a barrel on the ICE Futures exchange.

Related Posts by Categories

Read daily plastics industry news at