Venezuela to spend oil income on social programmes

CARACAS, April 23 (IANS): Venezuelan President Hugo Chavez has announced that extra income from the country's oil exports will be used for social spending. Venezuela, South America's biggest oil producer, has been receiving sharply higher income from its oil exports in recent months. Global prices on Venezuelan oil averaged $107 per barrel last week, while the 2011 state budget was balanced with the $40 per barrel benchmark, RIA Novosti reported. 'I have signed a decree that authorises spending additional revenues from oil sales on the implementation of various social programmes for the country's population,' Chavez, who will seek re-election next year, said on national television Friday.