Venezuela President Hugo Chavez today threatened to cut off oil sales to the United States if Exxon Mobil wins court judgments to seize billions of dollars in Venezuelan assets.

India is considering oil-rich Venezuela’s offer to set up a refinery in the country, an Indian official said today.

OPEC member Venezuela accused the Paris-based International Energy Agency of damaging its reputation as a reliable oil supplier by questioning Venezuela’s crude production figures.

The confrontation between Venezuela's government and workers at one of the world's largest oil companies is beginning to affect exports of crude oil and refined products.