Venezuela on Tuesday renamed its largest crude reserve, traditionally known as the Orinoco Belt, after the country’s late socialist leader. “I’ve decided as of today to name it the Hugo Chavez Oil Belt,” said President Nicolas Maduro, Chavez’s protege and successor, during a rally of oil workers. “Do you agree?” The crowd roared its approval. “The biggest oil reserve on the planet was rescued by our Commander Chavez,” Maduro said, referring to his predecessor’s crusade to boost state control over natural resources. Chavez died last year after a 14-year rule in which he built up a cult following thanks to liberal spending of oil revenue that helped him win repeated elections. His detractors accuse him of squandering a decade-long windfall and leaving behind an economy weakened by state controls. The United States Geological Survey in 2010 estimated the area held 513 billion barrels […]