Watching The World: Hugo's back at it

The new year had not even arrived before Venezuela's President Hugo Chavez appeared to have popped the bubbly, boasting that his country will soon become the world's top oil exporter. "We will reach [exports of] around 10 million b/d in the next decade," said the always-indefatigable Venezuelan, noting that his country was the world's No. 1 oil exporter from 1925 to "nearly" 1970. Then "the Arabs—Saudi Arabia, Iraq, Iran (sic)—surpassed us," said Chavez, who still crowed that no other country can match his country's certified reserves of 297 billion bbl. "When oil runs out in the world, the only country that is going to have oil is called Venezuela,"...

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