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Chavez Halts Oil Shipments to Exxon Mobil

STEVE INSKEEP, host:

NPR's business news starts with Hugo Chavez taking on Exxon Mobil.

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INSKEEP: Venezuela's president has stopped oil shipments to the giant oil company. It's in retaliation against a court decision. Here's what happened: Chavez decided to nationalize a large oil project last year, and that means taking assets away from Exxon Mobil. So the U.S. oil company sued, and a court froze $12 billion worth of Venezuela's overseas assets. Now, by refusing to sell oil to Exxon, Chavez has effectively responded, freeze this. In fact, he's threatened to stop all oil shipments to the U.S., although analysts doubt he'll do that. Transcript provided by NPR, Copyright NPR.

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