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Venezuela says Exxon pressure pushing up oil price

CARACAS
Wed Mar 5, 2008 11:06am EST

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Supporters of Venezuela's President Hugo Chavez protest against Exxon Mobil Corp outside the National Assembly in Caracas February 14, 2008. Exxon Mobil's legal actions against Venezuela are keeping oil prices high, Venezuelan Oil Minister Rafael Ramirez said on Wednesday in an interview with Venezuelan state television. REUTERS/Jorge Silva

CARACAS (Reuters) - Exxon Mobil's (XOM.N) legal actions against Venezuela are keeping oil prices high, Venezuelan Oil Minister Rafael Ramirez said on Wednesday in an interview with Venezuelan state television.

Exxon Mobil won court orders freezing up to $12 billion in assets as part of a dispute over Venezuela's 2007 nationalization of an oil project Exxon ran.

Speaking from the OPEC meeting in Vienna, Ramirez said Venezuela was presenting legal arguments in a London court to "ensure this type of action does not become a precedent that would help destabilize the global oil market.

"All of these actions by transnational companies ... against producer nations are keeping oil (prices) at their current levels."

OPEC on Wednesday expressed support for Venezuela and its state oil company PDVSA in exercising sovereign rights as part of President Hugo Chavez's nationalization campaign last year.

Oil prices hit a record of almost $104 per barrel on Monday amid concerns over the weakening of the U.S. dollar.

(Reporting by Brian Ellsworth; Editing by Christian Wiessner)


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