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Click for 2 week trial SPONSORED LINKS NEWSPublished 12:30 PM Feb 13, 2008Last update 4:02 PM Feb 13, 2008 Venezuela halts oil supplies to ExxonMobil TOP News NAB ups standard variable rate to 9.46% 4:40 PM Opes directors reveal reasons for collapse 5:41 PM Nikkei closes at 2-month high 4:49 PM Japan inflation hits 10-year high 3:59 PM Ericsson Q1 beats forecast 5:25 PM The Spectators Gottliebsen, Bartholomeusz: KGB INTERROGATION: Richard Goyder WEEKEND ECONOMIST: Home grown inflation RICH PICKINGS: Big spender WEEKEND READ: We win, you lose WEEKEND READ: The great Russian asset grab Reuters CARACAS -- Venezuela suspended oil exports to Exxon Mobil Corp, escalating the country's fight with the US oil giant over compensation for a heavy crude project nationalised by socialist President Hugo Chavez. Venezuelan state oil company PDVSA said it had suspended commercial relations and halted the supply of crude and petroleum products to Exxon Mobil, the largest US company. "Faced with the legal-economic harassment started by Exxon Mobil against PDVSA and as an act of reciprocity, PDVSA has decided to suspend commercial relations," the Venezuelan company said in a statement. The South American country's move against Exxon Mobil came after the US company won temporary court rulings freezing up to $US12 billion in Venezuelan assets in a fight over payment for the nationalised heavy crude project. But PDVSA said it would not break certain contracts with Exxon, an apparent reference to the jointly owned Chalmette refinery in Louisiana. It was not immediately clear what PDVSA would do with the excess crude that would normally go to Exxon Mobil. In response to the suspension Exxon Mobil Corp on said that it will take steps to ensure supply after Venezuela cut off crude exports to the company. "It is our longstanding practice to take appropriate steps to meet our customer needs," spokeswoman Margaret Ross said. Meanwhile, news of the suspension led the head of the International Energy Agency to say he was concerned by Venezuela's decision to stop oil sales to top US oil company Exxon Mobil and was watching the situation closely. "We have the concern of the physical side of the event and are carefully watching," IEA's Nobuo Tanaka told reporters at the CERA conference in Houston. However later on Tuesday, Venezuelan oil minister Rafael Ramirez said fellow OPEC members had expressed solidarity with the South American nation in its legal fight with Exxon Mobil over the freezing of its state oil company's assets. Oil holds after suspension Oil has held below $US93 a barrel as concerns over Venezuela's move to halt shipments to US major Exxon Mobil Corp were countered by an expected build in crude inventories in the world's largest consumer. US crude for March dropped 4 US cents at $US92.74 a barrel by 0419 GMT (1519 AEDT), while London Brent crude shed 1 US cent at $US92.85. "This is a little bit more saber-rattling from Venezuela and the market is just beginning to realize that it is going to see more sparks from Venezuela and Exxon Mobil," said Jim Ritterbusch, president of Ritterbusch & Associates. "It is to Venezuela's interest to keep oil prices high and its response to the Exxon Mobil asset freeze orders has done just that," Mr Ritterbusch added. The US government has received assurances that the world's top oil producers could compensate for any Venezuelan disruption, a US government official, who declined to be named, told Reuters. "While a disruption in short-haul Venezuelan supplies would be a blow to the US economy, it would arguably be much more devastating to Venezuela itself," said energy analyst Antoine Halff of Newedge Group. Before Venezuela's announcement, oil prices had been pressured by forecasts that US government inventory data to be released on Wednesday would show a 2.7 million-barrel build in crude stocks in the week to February 8. That would mark the fifth consecutive weekly rise in crude stocks amid concerns that the slowing US economy was damping oil demand. US crude prices have tumbled from record highs above $100 a barrel struck in early January as the credit crisis keeps dragging on the US economy. "Economic war" continues In 2007, Mr Chavez increased state control over several projects in the Orinoco oil belt, leading to Exxon Mobil and ConocoPhillips to withdraw their operations out of the country. The left-wing president, who accuses Exxon of being a proxy for Washington, told cheering supporters on a television program on Sunday that he would cut off all oil supplies to the United States if it continued its "economic war" on Venezuela. Exxon, which said it could not immediately comment on the news, produced an average of 4.253 million bpd in the fourth quarter on 2007. Venezuela earlier said it was considering suing Exxon for "damages to the nation," in part because Venezuelan bond prices plummeted after the asset freeze. The Chalmette refinery in Louisiana is a joint venture between Exxon and PDVSA that was built to take crude from the Cerro Negro project that Exxon was ejected from in 2007. In an apparent reference to the refinery, PDVSA said it would respect existing contracts governing shared investments with Exxon. PDVSA said it reserved the right to break contracts whose terms so allowed. Earlier on Tuesday, Exxon said it was interested in holding substantive talks with Venezuela to negotiate fair compensation for seizure of the project based in one of the world's largest oil deposits. 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