In a UK Channel 4 News interview, Venezuala President Hugo Chavez indicated he might follow Iran in demanding payment in Euro for it oil exports. He was also very dismissive of Bush’s arms embargo, saying that the USA could have the guns they had already sold Venezuela back. He also indicated that if he were Iraqi, he would be fighting against the “US Empire”. Even more worrying for the US, he indicated he would retaliate against and further US sanctions by stopping oil exports to the USA entirely.
The video of the 10 minute interview with Chavez can be viewed from here (warning – annoying advert on page). The summary of the interview has in part:
In an exclusive television interview, he told this programme America could have its arms back – and says he will cut off oil supplies to the US if more sanctions are imposed. #
Mr Chavez has been accused of flirting with authoritarianism at home and backing despots abroad – not least in Iran, where he has forged close ties.
But he says he is protecting himself against US aggression – and says he may join forces with Tehran in their plan to undermine the US dollar by selling their oil in Euros.
Another reference is in a report on the BBC site covering the interview. Chavez was also bullish about being able to see oil elsewhere if the USA were embargoed. This would also, he predicted push the price beyond $100 a barrel – even though his ideal range was between $50 and $60.
