This is out from reuters an hour ago: the story comes to us from the United Kingdom:

The South American country, one of the largest crude exporters to the United States, cut shipments to Exxon Mobil (XOM.N: Quote, Profile, Research) earlier this week after the U.S. oil major won court orders to freeze over $12 billion (6.1 billion pounds) of Venezuela's assets.

Venezuelan President Hugo Chavez, a critic of U.S. President George W. Bush, imposed the embargo on Exxon after threatening to cut off all shipments to the United States in the row over nationalisation of Exxon assets in Venezuela.

Further down the artcile:

OPEC projected world demand would increase by 1.23 million bpd, down 70,000 bpd from its January forecast.

And we still have a summer, which happens to be an Olympic Summer in Asia, a market that is just soaring in demand for energy. Here is another reuters article from today:

Oil Rises Near One-Month High on Asian Demand, Less OPEC Supply

By Grant Smith

Feb. 15 (Bloomberg) -- Crude oil rose, trading near a one- month high in New York, on signs of sustained economic growth in Asia and reduced OPEC output.

Oil is heading for its biggest weekly gain since November amid rising Chinese imports in January and higher-than-expected fourth-quarter growth in Japan. The countries are the world's second- and third-largest oil consumers respectively. OPEC, which cut its 2008 demand outlook today, may be trimming shipments, tanker-tracking data showed.

``Whilst the US is teetering on the edge of recession, positive economic data from Japan is supporting the view Asian demand will hold up,'' said Robert Laughlin, senior broker at MF Global Ltd. in London. ``OPEC export data shows it will rein in production as required to maintain its target price.''

Crude oil for March delivery rose as much as 59 cents, or 0.6 percent to $96.05 a barrel, its highest on the New York Mercantile Exchange since Jan. 10. It traded for $95.95 at 1:12 p.m. in London.

I'm expecting big things from Energulf. Q3 2008 will be a very rewarding one for us longs