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Venezuela Threatens to Cut US Oil Venezuelan President Hugo Chavez has threatened to cut off oil supplies to the US unless it halts what he calls its "economic war" against his country. His warning came days after US oil giant Exxon Mobil won orders in US, UK and Dutch courts to freeze billions of dollars of Venezuelan oil assets. Exxon wants more compensation from the Chavez government after it took control of Exxon oil projects last year. The US is the biggest market for Venezuela's heavy crude oil exports.

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Venezuela Threatens to Cut US Oil

Venezuelan President Hugo Chavez has threatened to cut off oil supplies to the US unless it halts what he calls its "economic war" against his country.

His warning came days after US oil giant Exxon Mobil won orders in US, UK and Dutch courts to freeze billions of dollars of Venezuelan oil assets.

Exxon wants more compensation from the Chavez government after it took control of Exxon oil projects last year.

The US is the biggest market for Venezuela's heavy crude oil exports.