Venezuela's Chavez threatens to cut oil to U.S.
Last Updated: Monday, February 11, 2008 | 11:49 AM ET
Venezuelan President Hugo Chavez has threatened to cut off oil supplies to the United States if U.S. oil company Exxon Mobile Corp. does not stop its legal action to seize billions of his country's assets.
Venezuelan President Hugo Chavez has repeatedly threatened to cut off oil shipments to the United States.
(Fernando Llano/Associated Press)
Exxon has launched legal proceedings against the Venezuelan state oil company, Petroleos de Venezuela SA, because it says compensation offered for the nationalization of its oil installations in Venezuela has been insufficient.
Chavez's threat caused oil prices to spike on Sunday to nearly $93 US a barrel before retreating slightly in Monday trading in the Asian markets.
On Sunday, Chavez accused the Texas-based oil co
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