The US State Department Wednesday said it supported oil major Exxon Mobil Corp's efforts to obtain "a fair and precise" compensation for the confiscation of its assets in Venezuela, but warned it would not get involved in the issue, Reuters reported.

"We fully support Exxon Mobil's efforts to gain a fair and precise compensation for its assets, based on the international legal standards," said the US State Department spokesman Sean McCormack.

"However, we are not involved in such a dispute. This is something that has to be settled between Venezuela and Exxon and a number of courts around the world," he added.

President Hugo Chávez Tuesday discontinued Venezuelan oil sales to Exxon Mobil Corp, amid a bitter dispute with the US firm.