Watching the World: Chávez touts heavy crude

Speculation is rife over Venezuelan President Hugo Chávez’s desire to prove his country has the world’s largest oil reserves.Chávez says 238 billion bbl of heavy oil in the Orinoco Belt should be added to Venezuela’s conventional reserves of 78 billion bbl.Industry analysts say Chávez wants a higher reserves estimate in order to regain negotiating power for his nation within the Organization of Petroleum Exporting Countries.They say Venezuela is producing below its OPEC quota and that it can’t boost output, diminishing its influence within the group.Heavy oil...But there is no reason to think much would change in OPEC if Venezuela’s heavy...

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