VIENNA (Thomson Financial) - OPEC members have pledged their support to Venezuela in its dispute with US oil giant Exxon Mobil, at today's production meeting in Vienna.
"The conference expressed its support to the Bolivian Republic of Venezuela and Petroleos de Venezuela SA (PDVSA), in the exercise of its sovereign rights over its natural resources, in accordance with international law," the cartel said in an agreed communique from the meeting.
Venezuelan oil minister Rafael Ramirez expressed his satisfaction to reporters as he left the meeting, saying it set an important precedent for the relationships between national oil companies and the oil multi-nationals.
He added, however, that it was too soon to say what action, if any, other OPEC members might be willing to take in their dealings with Exxon.................
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