Chavez praises OPEC report on Venezuela’s oil reserves

Caracas, Jul 23 (Prensa Latina) President Hugo Chavez said a report by the Organisation of Petroleum Exporting Countries (OPEC) stating that Venezuela has become the most oil-rich nation in the world will translate into more social benefits for his country.

During a meeting in Cuba with some of his Cabinet members, Chavez said the oil industry will lead Venezuelan economy and the country’s development.

According to the OPEC 2010-2011 Annual Statistical Bulletin, Venezuela’s proven oil reserves spiked 40 percent in 2010 to reach 297 billion barrels, surpassing Saudi Arabia, the long-time leader in the category.

It is important for all the Venezuelan people to know that thanks to the great efforts made by the Bolivarian Revolution, OPEC has officially recognised in its most recent report that Venezuela has the largest oil reserves in the world, Chavez said.

The Cabinet meeting held in Havana was attended by Foreign Minister Nicolas Maduro, Oil and Energy minister Rafael Ramirez and state run PDVSA oil company vice presidents Eulogio del Pino and Asdrubal Chavez.

The Venezuelan leader is currently in Cuba receiving chemotherapy for a cancer found last month.

Addressing a rally by telephone from Havana, he said Friday that he had completed the first stage of the treatment and will soon begin the second phase of chemotherapy to get rid of any malignant cancer cells.

Last month, he underwent two surgical procedures in Cuba.

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