Chavez says he may cut off oil to U.S.
President Hugo Chavez threatened to cut off oil sales to the United States in an “economic war” if Exxon Mobil Corp. wins court judgments to seize billions of dollars in Venezuelan assets.
Exxon Mobil has gone after the assets of state oil company Petroleos de Venezuela in U.S., British and Dutch courts as it challenges the nationalization of a multibillion-dollar oil project by Chavez’s government. A British court has issued an injunction “freezing” as much as $12 billion in assets.
Chavez has repeatedly threatened to cut off oil shipments to the United States, Venezuela’s No. 1 client, if Washington tries to oust him. Chavez’s new warning appeared to broaden that threat.
Venezuela accounted for about 12% of U.S. crude oil imports in November, the latest figures available from the Energy Department. The 1.23 million barrels a day from Venezuela make it the fourth-biggest oil exporter to the United States, behind Canada, Saudi Arabia and Mexico.
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