Venezuela's oil potential remains unexploited -Venezuela is OPEC's fourth largest oil producer, exporting 1.7 million barrels per day. With proven reserves of 296 billion barrels, Venezuela possesses huge oil potential - which places it in the lead globally, ahead of Saudi Arabia, according to the International Energy Agency. The reserves could even rise from 900 billion to 1,400 billion, taking account of “probable” reserves that lie below the Orinoco subsoil and which Venezuela does not exploit. The oil sector was largely nationalised under the Chavez presidency, making foreign investors flee and putting a brake on production. Currently, the public sector monopoly, PDVSA, produces less oil than ten years ago. (IL/transl.fl)