Venezuela Raised Oil Producing Taxes Sharply

Venezuela sharply raised taxes on four heavy oil projects Tuesday shortly after a top official promised that a new law will allow state control over all crude production in the South American country by the end of the year.

Congress approved a bill Tuesday afternoon that hikes the income tax rate to 50 percent for six foreign oil companies working in heavy oil ventures in Venezuela's oil-rich Orinoco River basin.

The six companies are ConocoPhillips Co., Chevron Corp., Exxon Mobil Corp., Norway's Statoil ASA, France's Total SA and BP PLC.