Venezuela's Chavez sees 2008 oil revenues at $75 billion

Venezuela will earn $75 billion in oil revenue in 2008, President Hugo Chavez said on Wednesday, in a speech announcing new measures aimed at stimulating the economy. Chavez made the estimate shortly after indicating that the price of crude oil should be nearer the 'fair price' of $100 dollars a barrel instead of the latest global market rate, which on Wednesday topped $136/bbl. 'Oil revenues (of Venezuela) should reach $75 billion this year, about twice our external debt,' Chavez said. Venezuela is the world's fifth-largest oil exporter and has the largest energy reserves in the Americas. Oil revenues comprise 90 percent of the country's total exports and are equal to about half the federal budget. Officials say 2.8 million barrels are exported daily -- about half of that to the United States -- and it has 130 billion barrels in proven reserves. Chavez also announced his government planned to invest 554.1 billion bolivars ($257.7 billion) over several years in 90 major projects in the fields of oil exploration, production, refining, trade and supply -- what he called the largest investments in Venezuelan history.