OIL BULLIES

Hoping to bully the US:
Venezuela to boost oil sales to China
Aug. 25, 2006 (Oil and gas Journal)
- Venezuela will cooperate with China in supplying crude oil to help fulfill the Asian giant's energy demands, Venezuela President Hugo Chavez said Aug. 25…

- During a news conference in Beijing, Chavez said Venezuela is arranging to sell 500,000 b/d to China in 5 years. In July, Venezuela exported about 155,000 b/d of crude oil to China, and Chavez said he hopes to double oil sales to China next year…
Chavez can’t push the US around while it is Venezuela’s biggest oil customer.

Hoping to bully Eastern Europe:
Gazprom threatens to cut gas exports to Bosnia
Aug. 25, 2006 (Oil and Gas Journal

- Russian gas giant OAO Gazprom threatened to cut natural gas exports to Bosnia on Oct. 1 unless Bosnia begins to pay its debt, Bosnian state-controlled gas importer Energoinvest said in a statement…
Most of Eastern Europe’s gas supply comes from or through Russia.
Hoping to bully the oil companies:
Chevron, Petronas ordered to pay tax or leave Chad
Eric Watkins, Aug. 28, 2006 (Oil and Gas Journal)
- Chad President Idriss Déby has accused Chevron Corp. and Malaysia's state-owned Petronas of failing to pay taxes and ordered the companies to leave the country…

- Chevron denied the charges, saying it has been in full compliance with all of its tax obligations, while Malaysian Prime Minister Abdullah Ahmad Badawi said, "This is a big surprise to me."

That a national oil company is angling for a better deal from the majors who explored its resources should come as a surprise to nobody.