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Venezuela oil cut threat
By Nigel Wilson
March 2, 2004

BELEAGUERED Venezuelan President Hugo Chavez has sent a tremor across the international oil market with threats of cutting oil exports to the US.

Predictions the oil price could soar above $US40 a barrel if Venezuelan oil stopped being shipped to the US come as the rapid resurgence in the US economy is forcing a realisation high crude oil prices are here to stay in the medium term, at least.

The left-wing Venezuelan leader made the warning in a fiery speech to supporters in which he accused US President George W. Bush's administration of backing opposition attempts to oust him from the presidency of the world's No.5 oil exporter.

"Mr Bush must know that if he gets the mad idea of trying to blockade Venezuela, or, even worse, of invading Venezuela, if that happened, the people of the United States should know that not a drop of oil would reach them from Venezuela, not a drop more," Mr Chavez told tens of thousands of cheering supporters.

http://finance.news.com.au/common/story_page/0,4057,8844185%255E14324,00.html