Chavez is threatening to reduce oil exports to Europe, after the European Union adopted the "returns directive". This directive allows the EU to deport illegal immigrants more easilly (in theory). Chavez is now threatening Europe over it, being champion of the poor and opressed you see .
The English language press doesn't seem to be picking this up, but two French papers, one left wing, one right wing are running the story if you are interested.
I think this is simply Chavez, like Russia, sensing Europe's energy weakness and threatening it by strategic manipulation of supply.