Global oil politics in play in Venezuela

The outcome of Venezuela's presidential election could influence what happens with the country's oil resources, observers say. Sunday's election will decide whether incumbent Hugo Chavez or challenger Henrique Capriles will control Venezuela's oil resources, the world's largest proven oil reserves, The Guardian reported. The winner will influence which countries and companies are given the priority over the country's reserves, the newspaper said. Chavez -- who most polls indicated will be re-elected -- has promised to increase production and reduce his country's dependence on the U.S. market by doubling crude exports to Asia. Capriles has said he would fire the oil minister, Rafael Ramirez, and rethink how crude is extracted and used. "There is a danger that British firms might miss out. In this country, oil and politics are intertwined. Many companies are waiting for the election result," said Osmel Molina, deputy manager of the Carabobo region for the Caracas government. "They hope for higher profits if the political situation changes. That's why there is so much support for the opposition. They don't necessarily want to oust Chavez, but they do want a weak government so they can control the biggest oil resources in the world." the