AP
Venezuelan President Hugo Chavez holds his country's constitution after being freed by his military captors

 President Chavez Sunday announced that he had accepted the resignation of board members he had appointed in February to the state-run oil company, Petroleos de Venezuela. His opponents had argued the president made the appointments for political reasons instead of merit.

 The dispute led to last week's deadly protests in support of dissident oil workers, who had walked off the job, demanding the board's resignation. The labor action severely disrupted oil production nationwide.

 The dispute put global oil markets on alert since Venezuela is the world's fourth-leading oil exporter. Industry sources say efforts to bring production, refining and export operations back to normal are continuing.

 Venezuela pumps nearly 2.4 million barrels of oil daily, sending nearly one million barrels to the United States each day.

 Earlier, the White House issued a statement, saying it is monitoring the situation in Venezuela with great concern. Officials also say they are welcoming a decision by the Organization of American States to send a fact-finding delegation to Venezuela later Monday. The mission will be headed by OAS Secretary-General Cesar Gaviria. 

Mr. Chavez reclaimed the presidency from his vice president and ally, Diosdado Cabello, who was sworn in during a ceremony late Saturday.

 Mr. Cabello assumed the presidency from interim leader Pedro Carmona, who was sworn in on Friday after the military ousted Mr. Chavez. Mr. Carmona is reportedly in custody.
 
 

Some information for this report provided by AP and AFP.

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