Vzla: Currying favor with petro-dollars

Venezuela's state oil company said it will double planned spending on government agricultural and social programs this year, increasing contributions before a recall vote sought by the President Hugo Chavez's opponents.

Petroleos de Venezuela President Ali Rodriguez said the company will provide a total of 2.3 trillion bolivars ($1.2 billion) -- about half for social programs and the rest for farming.
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By turning to PDVSA for more funds, Chavez risks cutting into investment needed to boost production by the world's fifth- largest supplier of oil, said analysts such as David Voght, managing director for IPD Latin America, an energy consulting company with offices in Caracas.

Chavez is taking from Peter to pay Paul and so risking Venezuela's ability to boost oil production.