Amidst a conflict between the Venezuelan State and US oil major Exxon Mobil, President Hugo Chávez said it is pondering the possibility to levy a tax on "unexpected oil profits" in Venezuela.

"I want the rationale to be submitted to me soon," Chávez asked his economic cabinet during his weekly radio and television show Aló Presidente (Hello, President).

The intended impost would be levied on companies recording surplus profits from oil production or marketing, for example attributable to soaring oil prices in world markets that are not related to higher production, transportation or similar costs, but to the market dynamics or natural causes, among others.

"If oil prices continue to climb, within the range of USD 80-100, we need to impose this tax, and we need to make it higher as the price soars."

He said the idea was a suggestion of Economy Nobel Award winner Joseph Stiglitz, who talk to Chávez about the convenience of levying such a tax when there is no proven relation between higher prices and an increase in production costs.

Further, Chávez said Venezuela could sue Exxon Mobil if it wanted to, as the oil giant allegedly started pumping and marketing crude oil before kickoff of Cerro Negro project in Orinoco oil belt, which was nationalized by Venezuela last year. Exxon Mobil filed a complaint at the International Center for Settlement of Investment Disputes (ICSID) seeking arbitration in connection with the takeover of its stake in such venture.

According to Chávez, before operations started officially in Cerro Negro, Exxon Mobil drilled over 400,000 bpd of crude oil, without making any payment to the Venezuelan State.

Additionally, Chávez said that as of last Sunday they had "no plans to stop shipping oil to the United States," which he has threatened to do many times.

He warned, however, that Venezuelan oil supplies to the US would be discontinued "in the event that the imperialism attacks us, disowns our sovereignty, and intends to hurt us."