Venezuela an oil rich Latin America country.

Venezuelan President Hugo Chavez signed a 16-billion-dollar deal with China to drill for oil in the resource-rich Orinoco basin.

China National Petroleum Corp (CNPC), the country's largest oil and gas producer would form a joint venture with state-owned Petroleos de Venezuela (PDVSA) to produce 450,000 barrels a day of extra heavy crude.

Venezuela sent an average of 385,000 tons of fuel oil each month to China in the first half of 2009.

Venezuela, a founding member of the oil cartel OPEC and Latin America's top oil exporter had also signed a similar accord with a Russian consortium. The deal will see the group of five Russian companies invest more than 20 billion dollars over three years, and gives them rights to drill for oil in the Junin-6 block of the Orinoco oil belt. That joint venture is also expected to produce 450,000 barrels a day by 2012, Chavez said. Oil-rich Venezuela claims current proven reserves of some 142.3 billion barrels, but Venezuelan experts believe the Orinoco basin could hold an additional 235 billion barrels.

Venezuela's capital city,Caracas has its very own Stock Exchange known as BOLSA DE VALORES DE CARACAS.
Petroleos de Venezuela SA is ranked 27 in the 2009 Fortune Global 500 list.
The Petroanzoategui field and upgrader in the Orinoco belt was controlled by ConocoPhillips until being nationalised in 2007 and is now owned by Venezuela's PDVSA.

Petroleos de Venezuela (PDVSA) has issued more than $6 billion-worth of US dollar-denominated bonds so far this year, ostensibly to fund growth and help pay some of the money it owes service providers, but, say critics, the bond sales are used to help the Venezuelan government bring in much-needed hard currency.

The Dow at October index Futures/options Expiry Day.

9:30am:--Bearish 30.0 points start followed by gap being fully filled.

10:30am:--Shooting star at near session high.The usual time for pullback.

11:30am:--Finding a low with dragonfly doji.

12:30noon:--Usual time must find retracement but managed at bear pivot with inverted bull.

1:30pm:--Decision time for the day,a dragonfly doji noticed.

2:30pm:--MAV resistance breakout...a hammer for pullback.

3:30pm:--Ascending bulls with final peak and shooting star.

4:00pm:--Bulls held it near the bull pivot looking forward to a new index month.

A Double support at the bull pivot point augurs well for the ensuing bulls.This is an anticipated pullback in time for the October Index Futures expiry and a migration to a new November month.
Investors grew uneasy about a rising dollar and spiking demand for the safest government debt.
They have become more sensitive to signs of weakness as they sought to justify lofty share valuations.