Chavez Promises Paraguay All the Oil It Needs

Venezuelan President Hugo Chavez promised Saturday to supply Paraguay with all the oil it needs to meet its repeated problems of crude shortages. Chavez made the announcement during a popular event held in the town of San Pedro de Ycuamandiyu, about 318 kilometers (198 miles) north of Asuncion, in which he signed with the new Paraguayan president, former Catholic bishop Fernando Lugo, several cooperation agreements. "We have signed the first commitment to supply Paraguay with all the oil it needs, right down to the last drop," said the Venezuelan head of state, whose country regularly provides 70,000 cubic meters (440,300 barrels) of diesel to the Paraguayan market per month. Paraguay, which produces no fossil fuels of its own, consumes 90.000 cubic meters (566,000 barrels) of diesel per month, with the remainder of the fuel... [read full story]