Venezuela condemns US sanctions on oil company

President Hugo Chavez's government condemned US sanctions imposed on Venezuela's state oil company for doing business with Iran, saying it is evaluating how fuel shipments might be affected.

Industry analysts, however, said the sanctions announced Tuesday probably won't significantly cut into the business of Petroleos de Venezuela SA because Washington is not preventing PDVSA from selling crude to the United States or through Citgo, its US subsidiary. Venezuela is one of the United States' main suppliers of petroleum. (AP)