Tuesday, February 12, 2008
Venezuela's state oil company said Tuesday that it has stopped selling crude to Exxon Mobil Corp
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. Exxon Mobil is locked in a dispute over the nationalization of its oil ventures in Venezuela that has led President Hugo Chavez to threaten to cut off all Venezuelan oil supplies to the United States. Venezuela is currently the United States' fourth largest oil supplier. Tuesday's announcement by state-run Petroleos de Venezuela SA, or PDVSA, was limited to Exxon Mobil, which PDVSA accused of 'judicial-economic harassment' for its efforts in U.S. and European courts.PDVSA said it 'has paralyzed sales of crude to Exxon Mobil' and suspended commercial relations with the Irving, Texas-based company."
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This is the sophisticated thing to do: single-out the Exxon-Mobil bully for 'special treatment' -- while leaving alone those who do not get involved. And it's good and proper that Venezuela takes this hardball game-of-chicken route now, because all venezuelan oil shipments to the U.S. will cease come warfare of any kind between the two countries. So better the Yanqui oligarchs -- and the entire world -- see that the bolivarians mean business, and are quite willing to themselves take an economic hit in any such struggle of wills.
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