Venezuela could take legal action against ConocoPhillips for using an option to buy Petroleos de Venezuela's 50% interest in the Sweeny oil refinery in Texas, Oil Minister Rafael Ramirez said. ConocoPhillips said it made the acquisition after PDVSA failed to ship heavy crude as stated under a contract with the refinery. PDVSA, however, said it halted delivery of 166,000 barrels of oil per day to the facility to comply with production quotas set by the Organization of the Petroleum Exporting Countries.

Related Summaries