Chavez Ponders Selling Oil In Euros

Wednesday, May 17, 2006

Venezuelan president Hugo Chavez on Tuesday said that his country may switch to Euros in the oil trade and threatened to cut off the USA from shipments. Being interviewed by the British Chanel 4 Chavez commented on Iran's proposal to sell oil in Euros, saying "that is an interesting proposal and we are free to choose between the dollar and the Euro."
Chavez fired again more flak against the US, ridiculing an eventual US arms embargo against his country. "They depend on us. If I decide today to stop selling oil to the US the price of oil would shoot up to $100 maybe...We are ready just in case this irrational and crazy government decides to expropriate our oil company in the US (CITGO) or enact an embargo against us," Chavez said.
"I wish the price stabilizes between $50 and $60," he added.


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