Submit your comments on this article | |
Home Front Economy | |
Venezuela Oil Price Falls to 4-Year Low, 48% Below Budget Plan | |
2008-12-13 | |
The price of Venezuela's basket of oil and refined products fell 9.1 percent to $31.36 a barrel, a four-year low, a day after the country's legislature passed a budget based on $60 oil. The country, which provides 11 percent of U.S. oil imports, needs higher output and higher prices to balance its books next year. Venezuela pushed last month for the Organization of Petroleum Exporting Countries to cut output to arrest the price declines.
"This budget is overblown, based on indicators that aren't accurate and based on production that doesn't take into consideration the coming OPEC cuts," Pastora Medina, a lawmaker in the country's National Assembly, said yesterday during the budget discussion. Venezuelan oil sells at a discount to the benchmark West Texas Intermediate, which fell $1.47, or 3.1 percent, to $46.51 as of 1:05 p.m. in New York. It has fallen 68 percent since touching a record $147.27 a barrel July 11. | |
Posted by:Fred |
#2 "$31.36 a barrel ... a day after the country's legislature passed a budget based on $60 oil" Gives a whole new meaning to "unclear on the concept".... |
Posted by: Barbara Skolaut 2008-12-13 23:35 |
#1 Hey, Hugo! Your "Allende moment" is coming closer with each passing day. It's thoroughly and deeply deserved, too. |
Posted by: Jolutch Mussolini7800 2008-12-13 17:44 |