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Chavez explains his idea of world organization of oil giants

This organization could include six countries: Venezuela, Russia, Iran, Iraq, Saudi Arabia and Brazil

CARACAS, October 8 (Itar-Tass) —— Venezuelan President Hugo Chavez has elaborated on his idea of ··creating an international organization composed of countries with large oil reserves. Speaking on Friday at the presidential palace Miraflores, he said that this organization could include six countries: Venezuela, Russia, Iran, Iraq, Saudi Arabia and Brazil. The organization could be called Oil Giants.

For the first time the leader of the Bolivarian revolution announced his idea in a teleconference held on Thursday between the presidential palace and the municipality of San Diego de Cabrutica in the Orinoco Oil Belt, where at the moment a delegation headed by Russian Deputy Prime Minister Igor Sechin was on a visit. Chavez said that the new organization would "by no means affect the activities of the Organization of the Petroleum Exporting Countries."

He explained "the idea is to consider creation of an organization of oil giants, whose number in the world does not exceed four or five."

In his speech on Friday Chavez said that Venezuela had the world's largest proven oil reserves, which amounted to almost 300 billion barrels.

"In the oil-rich Orinoco belt at the current rate of oil production it will last for 200 years,” he said. ‘Almost everywhere in the world oil will be over in 150 years’ time, but the Orinoco basin will still have much of it. Imagine what sort of pressures and risks our descendants will be subjected to."

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