With Venezuela and United States ExxonMobil conflicts escalating, 12 local time, the State oil company of Venezuela Venezuela announced that it has ceased to ExxonMobil sales of crude oil, and to suspend the commercial relationship with the latter to revenge it through legal means to freeze the assets of 120 million in Venezuela.
To closing time, oil prices fell back flushing, New York, fall high 41 cents, closing at $ 92.37 per barrel.
Reprisals against the freezing of assets
According to http://finance. Venezuela oil company, issued a statement saying that day, "Venezuela oil company ExxonMobil has suspended the sale of petroleum, and the United States decided to suspend business dealings. "This is to counterattack ExxonMobil 's" legal and economic disturbs ". The statement also said that ExxonMobil to take legal action "unnecessary, and full of malice".
The two sides of the dispute over the edge to Venezuela Orinoco heavy oil projects with nationalisation. The Orinoco oil belt in Eastern Venezuela, has a total area of 5.5 million square kilometers, geological reserves rich. As "oil sovereignty" of important initiatives, Venezuela President Hugo Chavez in February last year, the Decree on the Orinoco oil belt, 4 foreign holdings of the cooperation project nationalize, ExxonMobil, its original decision to exit 41.66% shares automatically go to Venezuela oil company in my name, but the two sides on the issue of the compensation has not been settled.
Since then, ExxonMobil to United States, United Kingdom and the Netherlands in court. United Kingdom one court last month made a decision in favour of ExxonMobil, decided to Venezuela oil overseas assets up to $ 12 billion of assets freeze.
The Government of Venezuela and Venezuela oil companies ExxonMobil's serious action. 10 February, Venezuela President Hugo Chavez stated that if the United States continue to utilize the ExxonMobil lawsuit on Venezuela's implementation of the "economic war", Venezuela will stop to United States supply of oil. The message was raised in oil prices on international markets.
Venezuela is the fourth largest United States oil suppliers. United States Department of energy published the latest statistics show that for the month of November last year, the United States from Venezuela, 123 million barrels of crude oil imports about United States crude oil, 12% of total imports. And Venezuela, the country's oil production is half of exports to the United States.
IEA may consider taking action
Prior to this, analysts said Venezuela are less likely to discontinue to United States export oil, as this will cut off the most important source of income. Societe Generale Bank in France, a report also points out that "Venezuela's economy is too dependent on oil exports, and the current United States is the largest buyers. ”
Venezuela to ExxonMobil issued a "ban order", attracted great attention from all walks of life. Yesterday, the International Energy Agency (IEA) Director Tanaka Shin men said Venezuela pause to ExxonMobil's decision to export oil, he is concerned, and will closely watch the developments. Tanaka Shin men also said that the problem occurs if the supply of crude oil, the IEA may consider taking action.
In addition, there have been reports that Venezuela President Hugo Chavez plans to visit China in the near future, before the end of the month or so. CLSA Asia China energy research department heads off Wing Lok believes that in Venezuela Abort to ExxonMobil oil, take this opportunity to expand from Venezuela's oil imports for China are quite attractive.
However, from Venezuela to Asia, takes tanker 50 days, which makes transport becomes a big problem. Analysts say that along with the rising cost of petroleum shipping, Asian countries is not likely to increase significantly the Venezuela oil imports. Data show that in 2007, China from Venezuela 412 million tons of crude oil imports, imports of 337 million tons of fuel oil. Currently Venezuela is China's third-largest oil supplier countries, ranked after Russia and Korea.
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