Chavez: Venezuela Can
Ride Out Oil Price
Decline
CARACAS - Venezuelan
President Hugo Chavez
said Wednesday that his
nation could withstand
the global financial
crisis even if the oil
price falls to 55 U.S.
dollars a barrel,
Venezuela's national TV
channel reported.
"Even if the oil price
dropped to the level of
2007, which is 64.7
dollars, or the 2006
level of 55 dollars per
barrel, Venezuela will
still be safe and not be
affected by this
financial crisis,"
Chavez said.
Chavez also denounced a
media campaign against
the nation's budget for
2009 and the dependency
on the oil incomes.
"The budget for 2009 ...
will reach 177.474
billion bolivars (82.546
billion dollars), with
an increase of more than
20 percent," Chavez
said.
On Tuesday, Economy and
Finance Minister Ali
Rodriguez Araque
presented to lawmakers
the Venezuelan budget
for 2009, which was
formulated based on an
average oil price of 60
dollars per barrel.
Venezuela's oil basket
closed at 68 dollars a
barrel last week, down
from the historical
record of 126.46 dollars
set in July.
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