UPDATE 1-Arab nations back Venezuela in Exxon row: Chavez

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CARACAS, Feb 22 (Reuters) - Arab nations have backed Venezuela in its conflict with Exxon Mobil (XOM.N), President Hugo Chavez said on Friday, amid Exxon's continuing legal assault that has frozen up to $12 billion in Venezuelan assets.

The U.S. oil giant has taken Venezuela to arbitration for taking over its stake in a multibillion dollar oil project as part of the leftist Chavez's 2007 nationalization drive meant to create a socialist society.

"I want give my thanks for the support given to Venezuela by the conference of Arab and Latin American foreign ministers that just concluded in Buenos Aires," Chavez said during a televised address.

Ministers from thirty-four Arab and Latin American countries met in the Argentine capital this week to discuss commerce and trade. Some OPEC ministers have publicly sided with Venezuela over Exxon's legal push.

The conflict has helped crude oil prices rally over the last two weeks to top $100 per barrel for the first time since the start of the year.

Chavez has threatened to totally cut oil shipments to the United States, which depends on Venezuela for around 12 percent of its oil imports, if Exxon advances in its legal assault.

The Texas oil giant is seeking billions of dollars in compensation for its share in the multibillion dollar Cerro Negro heavy oil project that it previously ran. (Reporting by Brian Ellsworth; Editing by Marguerita Choy)