There's some big stuff happening in Venezuela these days. In an interview with the BBC, President Hugo Chavez announced a bid that could change the entire world oil situation. He wants OPEC to set its long-term oil target price at $50/barrel. Why? At $50, large portions of Venezuela's copious heavy crude in the Orinoco Tar Sands become economically viable, and Venezuela's official oil reserves automatically skyrocket to 312 billion barrels -- surpassing Saudi Arabia's 262 billion, currently the world's largest.
This would raise OPEC's production quotas, bring in a bucketload of new revenue to the Venezuelan government (which just renegotiated more favorable terms with several oil companies, and seized oil fields from two companies that refused to cooperate), and dramatically increase the country's influence and Chavez's stature.
The best summary I've seen is this one from Motley Fool: