Oil firms face Latin American woe

Foreign oil firms have come under increasing pressure in Latin America as Honduras and Venezuela try to exert greater control over the industry.

US oil companies have said they will stay in Honduras, despite the state saying it will temporarily seize control of oil storage containers.

The Honduran move, made on Friday, will affect firms such as Chevron and Esso.

The news comes as Venezuela refused to negotiate with foreign oil firms over its wider nationalisation plans.