Chavez says Venezuela's OPEC quota should grow (AP)

CARACAS, Venezuela ? Venezuelan President Hugo Chavez says his country's oil production quota within OPEC should increase now that its proven crude reserves have grown.

Chavez says production quotas will need to be revised. He says in a televised speech that "the more reserves you have, the higher the quota you have."

Venezuela has dramatically increased its proven reserves in recent years.

Earlier this month, OPEC recognized Venezuela as the country with the biggest proven oil reserves in the world, saying that with 296.5 billion barrels it now surpasses Saudi Arabia.

Venezuela aims to more than double its oil production within a decade.

Source: http://us.rd.yahoo.com/dailynews/rss/latam/*http%3A//news.yahoo.com/s/ap/20110730/ap_on_re_la_am_ca/lt_venezuela_oil

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