MercoPress. South Atlantic News Agency

Venezuela threatens US with oil supply suspension

The Venezuelan government warned again on Tuesday that if what it considers “aggressions” by Washington persist, it could suspend oil shipments to the United States.

"We're ready to do it and ready to defend our rights," said Energy and Petroleum Minister Rafael Ramirez in an interview with state-run channel Venezolana de Television.

Even when crude exports to the United States have decreased over the past several years, Venezuela continues to be one of the main suppliers.

According to data compiled by government owned PDVSA, in 2002, crude exports to the US averaged 1,355,000 barrels per day and represented 57% of total Venezuelan exports, but by 2004 oil shipments had fallen to 1,023,000 barrels per day, 46% of total exports.

Mr. Ramirez emphasized that if Venezuela is forced to suspend oil shipments to the United States, it would not have any problem finding alternate markets and specifically mentioned China.

He added that another reason why Venezuela would not suffer is US bound shipments are suspended is because "there has been an important drop in production among some members of the Organization of Petroleum Exporting Countries".

"The planet is eager for hydrocarbons and that suspension would not represent a problem for us" argued Mr. Ramirez.

The Venezuelan administration feels it has become the target of a sustained aggression campaign by Washington designed to destabilize the country and achieve the ousting of President Hugo Chavez, a close friend and ally of Cuba's Fidel Castro.

Washington also claims it has "found" the long hand of the Chavez regime behind many of the destabilization spots in the Western Hemisphere and accuses him of buying political support with money and cheap oil contracts.

In a recent "anti-imperialist" congress hosted by Venezuela, President Chavez preached Socialism and described the Bush administration as the "cruelest regime on earth", promoter of world terrorism, and warned that if Washington keeps harassing him, "he will have to suspend oil supplies".