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CARACAS, Venezuela — State oil company Petroleos de Venezuela plans to cut off new sales of oil and refined products to Exxon Mobil in retaliation for the freezing of $12 billion in assets in a legal dispute.
Petroleos de Venezuela cut off “commercial relations” and oil sales to Exxon in response to court-ordered asset freezes, the Caracas company known as PDVSA said in an e-mailed statement. PDVSA said it will honor existing contracts.
