From the NewsMax.com Staff

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Venezuela: No Oil Embargo on U.S.

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Venezuela's U.N. ambassador tells NewsMax that President Hugo Chavez will not use oil exports as a weapon against the Bush White House for support of Israel's confrontation with Hezbollah.

More than 60 percent of Venezuela's oil income comes from U.S. sales.

Its also America's largest single source of imported oil.

Rumors about a possible reduction in Venezuelan oil exports to the U.S. had been circulating in commodities markets since Israel's confrontation with Hezbollah began on July 12.

"No, we are not considering any oil embargo, Venezuela believes in a laissez-faire market," proclaimed Francisco Javier Arias-Cardenas, Venezuela's new U.N. representative.

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The ambassador also told NewsMax that despite "sympathies" for Hezbollah, the Venezuelan government has no intention to provide any suppport (financial or political) to the Lebanese terrorist group.

Venezuela is currently locked in an intense battle with Guatemala to gain a non-permanent seat on the Security Council when new members are seated on Jan. 1, 2007.

Ten of the 15 members of the council serve two-year terms.

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