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Chavez warns of cutting supplies to US

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Date: Tuesday 12 Feb 2008

LONDON (ShareCast) - Venezuela's President Hugo Chavez has warned that he will cut oil supplies to the US in retaliation over ExxonMobil lawsuit freezing the country's assets

Exxon said last Thursday that it won court orders in three nations to freeze around $36bn of assets belonging to the state oil company.

Chavez has reacted by accusing the US of being behind Exxon's decision and said it will cut off supplies to the country.

Exxon is seeking compensation from Chavez, who renationalised the company's oil field assets.

Oil prices moved down a touch today, down 43 cents to $93.15 a barrel.