CARACAS, Venezuela (AP):

Venezuela is ready to cut off oil supplies to the United States if pressed into an "economic war'', the country's oil minister said in an interview published yesterday, echoing a threat by President Hugo Chávez.

Oil Minister Rafael Ramirez told the Venezuelan newspaper, Ultimas Noticias, that "we're ready'' to cut off oil shipments to the United States, a threat that apparently could be triggered if Exxon Mobil Corp. succeeds in seizing billions of dollars (euros) in Venezuelan assets through lawsuits abroad.

Chávez first made the threat Sunday in response to a drive by Exxon Mobil to seize Venezuelan assets through US and European courts in a dispute over the nationalisation of lucrative oil ventures in Venezuela.

A British court issued an injunction last month temporarily freezing up to US$12 billion in the assets of state oil company Petroleos de Venezuela SA, or PDVSA.

It remained vaguely defined what actions would lead to such a decision, which many analysts call unlikely.

Accusation

But Ramirez said, "If they want this conflict to escalate, it's going to escalate. We have a way to make this conflict escalate.''

Ramirez accused Exxon Mobil of having political motives and being ''very closely linked to the (US) State Department''.

"Clearly, there is an intention to start an economic war with our country,'' Ramirez was quoted as saying.

Exxon Mobil is challenging the Chávez Government's nationalisation of one of four heavy oil projects in the Orinoco River basin, one of the world's richest oil deposits.