Chavez has promised to cut U.S. oil spigot

Oil Resursy11-02-2008 Chavez has promised to cut U.S. oil spigot barrel of oil would cost $ 200 - a prospect that depicts Venezuelan President Hugo Chavez. According to Chavez, the barrel price could easily reach that level, if he realize his threat to halt oil supply the United States. Chavez's threat followed a decision by a British court at the suit of the largest transnational oil company Exxon Mobile to freeze the assets of Venezuelan state oil monopoly Petroleos de Venezuela SA (PDVSA) for about $ 12 billion recall, Exxon Mobil filed a lawsuit against the company Petroleos de Venezuela (PDVSA) the High Court in London for the nationalization of the Government of Venezuela in the Orinoco basin. The decision was taken early last year. Under nationalization, foreign companies before May 1, 2007 PDVSA had to sell their shares in an amount not less than 60% in oil extraction projects. Despite the fact that U.S. oil companies Exxon-Mobil and Conoco-Phillips did not agree to these terms, in June 2007, they lost the rights to oil extraction in Venezuela. In response, Exxon Mobil filed lawsuits against Petroleos de Venezuela SA in U.S. courts, the UK and Holland.