Chavez says Venezuela can ride out oil price decline
23/10/2008 16:02
Venezuelan President Hugo Chavez said yesterday that his nation could
withstand the global financial crisis even if the oil price falls to US$55 a
barrel, Venezuela's national TV channel reported.
"Even if the oil price
dropped to the level of 2007, which is US$64.7, or the 2006 level of US$55 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 (US$82.546 billion), 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 US$60 per
barrel.
Venezuela's oil basket closed at US$68 a barrel last week, down from
the historical record of US$126.46 set in July.
Xinhua
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