STEVE INSKEEP, host: NPR's business news starts with Hugo Chavez taking on Exxon Mobil.</s>STEVE INSKEEP, host: 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.
Venezuela's President Hugo Chavez is refusing to ship oil to Exxon Mobil following a lawsuit filed by the company over the country's move to nationalize a large oil project. Chavez also threatened to stop all U.S. oil shipments.