I mentioned a few days ago that Chavez was threatening to cut off oil exports to the U.S. unless he got his way in a lawsuit brought against the Venezuelan national oil company by Exxon over the nationalization of Venezuelan oil projects.
Well, maybe Chavez’s temper-tantrum has eased just a little bit. From an AP story:
Venezuela’s state oil company said Tuesday that it has stopped selling crude to Exxon Mobil Corp. in response to the U.S. oil company’s drive to use the courts to seize billions of dollars in Venezuelan assets.[...]
The U.S. remains the No. 1 buyer of Venezuelan oil, and Chavez relies largely on U.S. oil money to stimulate his economy and bankroll social programs that have traditionally boosted his popularity.
Some analysts say it would make little sense for Chavez to follow through on his broader threats to cut off oil sales to the U.S. because Venezuela owns refineries in the United States that are customized to handle the South American country’s heavy crude.