Venezuelan President Hugo Chavez has threatened to cut off oil supplies to the US if it continues what he calls an economic war.
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.
"Take note Mr Bush, Mr Danger," said Mr Chavez in his weekly televised address. "I will cut off oil supplies."
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.
British and US courts froze assets belonging to Venezuela's state energy company last week.
Exxon wants more compensation from the Chavez government after it took control of Exxon oil projects last year.
The move followed an application by US oil giant Exxon Mobil for compensation from Venezuela's state oil company.
The US is the biggest market for Venezuela's heavy crude oil exports.
The Texas-based company claims the amount offered for the nationalisation of its oil installations in Venezuela was insufficient.
President Chavez has threatened several times before to stop sending Venezuelan oil to the US but so far not done so.
Mr Chavez has said the nationalisation plan would bring billions of dollars of resources back to the people, a key part of his socialist revolution.
Nevertheless, his comments during his weekly televised address, took sharp aim at Exxon Mobil and, by extension, the Bush administration.
Imperialist bandits
He described Exxon's management as imperialist bandits who form part of a US government-backed campaign to destabilise Venezuela.
In his address on Sunday, he described Exxon's management as imperialist bandits who form part of a US government-backed campaign to destabilise Venezuela.
"If you end up freezing [Venezuelan] assets and it harms us, we're going to harm you," Mr Chavez said.
The outlaws of Exxon Mobil will never again rob us Hugo ChavezPresident of Venezuela
"Do you know how? We aren't going to send oil to the US. Take note, Mr Bush, Mr Danger."
"I speak to the US empire, because that's the master: continue and you will see that we won't sent one drop of oil to the empire of the United States."
Long dispute
"The outlaws of Exxon Mobil will never again rob us."
At the heart of the dispute is last year's decision to take over oil projects in the Orinoco Belt, a move Mr Chavez has argued will bring billions of dollars back to the Venezuelan people.
But the fight will be tough, says the BBC's James Ingham in Caracas.
Exxon Mobil refused to sell a majority stake to the Venezuelan government.
While Mr Chavez is a strong leader who rallies against what he calls the evils of capitalism, Exxon is renowned as a hard corporate player.
It has taken its case for compensation to the International Centre for Settlement of Investment Disputes, a process that could take years.
And cutting off oil deliveries to the US would be damaging to Caracas as well as Washington.
It has not indicated how much compensation it wants for the 41.7% stake in the Orinoco Belt oil field - worth an estimated $750m (£370m).
While the US would struggle without the crucial oil supply, Venezuela would also suffer from losing its biggest oil customer.
Last week, the company won temporary court orders in the UK, the Netherlands and the Caribbean freezing Venezuelan assets worth up to $12bn (£6bn).
The threat, then, may be too risky for Mr Chavez to carry out, and he has threatened to cut off his country's oil supplies to the US before.
Another order in a New York court froze up to $315m of funds of the state-run Venezuelan oil company, PDVSA.
Even if he does not, however, the latest outburst does highlight a growing ideological divide that daily shows little sign of easing.
Further hearings are scheduled later this month in New York and London.
It will be a tough fight, says the BBC's James Ingham in Caracas.
Mr Chavez is a strong leader who rails against what he calls the evils of capitalism while Exxon is renowned as a tough corporate player.
Cutting off oil deliveries to the US would be damaging to Caracas as well as Washington.
The US is not only Venezuela's biggest market but is also home to refineries that specialise in the heavy sour crude oil Venezuela exports.
The threat, then, may be too risky for Mr Chavez to carry out, our correspondent says.
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