Chavez: 50 a Barrel for Oil is Fair

London, Apr 3 (Prensa Latina) Venezuelan President Hugo Chavez said fixing the price of a barrel of oil at 50 dollars is fair, according to statements for the BBC and quoted Monday by Great Britain’s The Guardian daily.
Venezuela has “the world´s largest hydrocarbon reserves,” enough for about 200 years, the president added.
A long-term agreement at that price will allow Caracas to count its crude oil deposits, both heavy and extra-heavy, as part of its official hydrocarbon reserves, thus adding 235 billion barrels to the country´s active supplies.
The price mentioned by Chavez is 15 dollars below the current one, which reached a record high of 70.85 dollars a barrel in August last year, the source read.
Venezuelan Energy Minister Rafael Ramirez told the BBC Caracas plans to ask the Organization of Petroleum Exporting Countries to officially recognize a rise in its reserves.
That way, stocks would amount to 315 billion barrels of oil, thus surpassing those of Saudi Arabia, the world´s current leader with 262 billion barrels.