Chavez basks in needed glory of Exxon win

CARACAS (Reuters) - Hundreds of oil workers cheeredVenezuela's socialist President Hugo Chavez on Monday at acelebration of a legal victory over Exxon Mobil, a welcomerespite to Chavez from other troubles including falling pollratings.

In a ceremony that brought workers from across the OPECnation to celebrate a British court's reversal of a $12 billion(6 billion pounds) freeze on Venezuelan assets awarded toExxon, a jovial Chavez described the win as historic.

"I feel like the manager of a great baseball team who,after being in the lowest categories you can imagine, suddenlyour team is playing major league and beating the New YorkYankees," he told the red-clad workers.

Baseball fan Chavez, who has enjoyed huge popularity withVenezuela's poor for his high social spending, is struggling toregain his momentum after losing a referendum on speeding upsocialist reforms at the end of last year.

He has lurched from one issue to another this year, seekingto end economic problems like shortages of basic goods and highinflation while bickering with the conservative government inColombia.

Last week a survey by polling company Datos showedpreviously rock solid support for the government had fallen to35 percent, its lowest point since 2003.

The January court ruling that froze Venezuelan assets inthe South American nation's fight with Exxon over compensationfor a nationalized oil project was another blow.

Venezuela nationalized several foreign-controlled oilprojects in the Orinoco oil belt last year.

Chavez has come to compensation agreements with mostcompanies, but Exxon launched an international legal battlethat went beyond an established arbitration process and sparkedthe wrath of the left-winger.

Chavez severed commercial ties with Exxon and threatened tostop exports of crude to the United States.

Last week's decision to lift the asset freeze was thereforemet with elation by the government, which sees the rulingagainst America's biggest company as a blow to U.S. power.

"We are here to celebrate a great victory againstimperialism, a moral and legal victory," Chavez said on Monday.

Political scientist Daniel Hellinger, of Webster Universityin St. Louis, said the London ruling was a much needed boostfor Chavez.

"It's a huge victory for Venezuela and PDVSA," he said.PDVSA is Venezuela's state oil company. "(And) it's a welcomepiece of good news for Chavez, who has not seen a lot lately."

A recent survey of 1,500 people distributed by thegovernment showed high approval ratings for Chavez'sperformance in a summit of Latin American leaders that endedshort-lived fears of war after a tense diplomatic spat betweenAndean nations.

(Reporting by Brian Ellsworth and Frank Jack Daniel;Writing by Frank Jack Daniel; Editing by Vicki Allen)