Venezuelan president threatens to cut off US oil in Colombia dispute

• Source: Xinhua
• [15:28 July 26 2010]
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Venezuelan President Hugo Chavez speaks during meeting with Argentine soccer coach and former player Diego Maradona (not pictured) at the Miraflores Palace in Caracas, capital of Venezuela, July 22, 2010. Chavez on Thursday announced his country broke off the diplomatic relations with Colombia. "For dignity we do not have other option but to sever diplomatic ties with Colombia," Chavez said after Colombia presented to the Organization of American States (OAS) the accusations about the alleged presence of Colombian guerrilla chiefs in Venezuelan territory. Chavez made the announcement when he met with Maradona at the Miraflores Palace. Photo: Xinhua

Venezuelan President Hugo Chavez threatened on Sunday to cut off oil supplies to the United States if his country was attacked by US-backed Colombia in a dispute over allegations that Venezuela provides a haven for Colombian guerrillas.

"If there is any armed aggression against Venezuela from Colombian territory or anywhere else supported by the Yankee empire, we would suspend shipments of oil to the United States, even if we have to eat stones here," Chavez told thousands of supporters in an outdoor speech.

"We wouldn't send another drop of oil to its refineries, not a single drop more," he added.

If actually carried out, such a threat would be a big blow for the Venezuelan economy. More than 90 percent of its export earnings are from oil. The United States is the top buyer of oil from Venezuela, which is one of the US main oil suppliers.

Venezuela ruptured its diplomatic ties with Colombia on Thursday after Bogota accused Venezuela of harboring Colombian guerilla chiefs.