Hugo Chavez Turns To Capitalists For Help

See Chávez Seeks to Reassure Investors on Venezuela from the WSJ 1-26-2010. They have not been producing as much oil as they can.

"Speaking at a ceremony for the launch of a joint venture between Petróleos de Venezuela SA, Venezuela's state oil monopoly, and Italian energy company Eni SpA, Mr. Chávez said foreign investors have nothing to fear from his government."

"Mr. Chávez said at the ceremony that "investment and experience from foreign oil firms is necessary in Venezuela.

"We need it," confessed the president, in a rare concession to critics who charge that his rough tactics with foreign producers, combined with a lack of investment in PdVSA, have undermined the country's ability to further develop its vast reserves and allowed rivals to eat away at its share of the global demand for oil."