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AP
Venezuelan police officers separate members of the opposition from supporters of President Hugo Chavez

 Venezuela is an OPEC member and is the world's fourth largest oil exporter. It pumps more than 2.4 million barrels of crude daily, with one million barrels a day going to the United States.

 Petroleum industry analysts say a prolonged labor dispute in Venezuela could have a major impact on world markets. Oil markets are already under pressure since another OPEC member, Iraq, suspended exports for 30 days to protest Israel's military offensive against Palestinians.

 Venezuelan government officials insist the strike involving the state-owned oil monopoly, Petroleos de Venezuela, or PDVSA, has failed and that oil production nationwide is normal. Critics, however, say the labor strife has cut production and exports and raised fears about political instability.

 Late Tuesday, Venezuelan President Hugo Chavez accused the striking oil workers of trying to overthrow the government and cripple Venezuela. He also accused journalists of exaggerating the size of the work slowdown and urged his followers to be on the alert for anti-government conspiracies.

 The strikers are demanding the resignation of PDVSA board members appointed by President Chavez on the grounds the president hired them for political reasons. He is standing by his choices.
 
 

Some information for this report provided by AP and Reuters. 

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