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President Hugo Chavez’s government scored a victory in Venezuela’s political crisis by producing more than 1 million barrels of oil Tuesday, frustrating a 2-month-old opposition strike to strangle the world’s No. 5 oil exporter.
By raising production to a third of its normal rate, Chavez seized another advantage over his opponents–jump-starting Venezuela’s oil industry while defeating calls for a February referendum on his rule. But despite Chavez’s recent gains, Venezuela is on the verge of economic collapse.
