Chavez May Curb Oil Sales to U.S. in Response to Iran Sanctions

Venezuela said it may not be able to guarantee all future oil shipments to the U.S. after President Barack Obama imposed sanctions on South America’s biggest oil producer for doing business with Iran.

The U.S. yesterday imposed economic sanctions on state oil company Petroleos de Venezuela SA’s and six other foreign companies for working with Iran’s energy industry in ways that might bolster the country’s “illicit” nuclear program. PDVSA, as the company is known, delivered at least two cargos of a gasoline additive worth $50 million to Iran between December and March, the U.S. State Department said in a statement.