1.   Contrary to prior expectations the current Gulf crisis, carrying with it the prospect of increased prices for Venezuelan oil, had reportedly had little influence on the negotiations.

2.   Among the agreements signed today is one that would help clean up Venezuelan oil to curb such emissions.

3.   At the same time, Chavez formed tight bonds with world leaders unpalatable to the United States, the main buyer of Venezuelan oil.

4.   But later in the day, a Venezuelan oil official said there was no such agreement.

5.   Company officials said they will skip some of the future auctions for Venezuelan oil properties in favor of acquisitions that could be more lucrative.

6.   In South America, Mobil recently agreed to develop heavy oil in the Orinoco oil belt with Petroleos de Venezuela SA, the Venezuelan state oil company.

7.   Lagoven SA, a unit of Venezuelan state oil company Petroleos de Venezuela SA, shut the unit last week and said it would be closed for three weeks.

8.   Lake Maracaibo is the center of the Venezuelan oil industry.

9.   Last week OPEC headquarters denied comments from a Venezuelan oil ministry official that OPEC would convene for an emergency session.

10.   One point often noted is that nobody seems to know where exactly Venezuelan oil revenues go.