Venezuela´s Chavez says the world should ´forget about cheap oil´
Sunday, March 6, 2005 11:37:18 AM
forexstreet.com
Venezuela's Chavez says the world should 'forget about cheap oil' NEW DELHI (AFX) - Venezuela's President Hugo Chavez said the world should "forget about cheap oil" and get used to high prices
"The world should forget about cheap oil ... it won't happen," Chavez told a news conference here, saying that the new price range for oil will remain between 40 and 50 usd
"That is the new band for oil," said Chavez, whose country is the only South American member of the Organisation of Petroleum Exporting Countries (OPEC)
Chavez, on the second day of a visit to India where he signed a slew of energy and other agreements, said the "world needs a fair price for oil." "We are evaluating how we can stabilise the price of oil (within the 40 dollar to 50 dollar band)," he said
He added later, however, he was certain the prices "will go up even further" than the 40-50 usd range, given rising prices of other goods
Chavez's comments came after India, which imports 70 pct of its crude oil needs, signed a deal to take a 49 pct stake in Venezuela's San Cristobal oil field |
