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Hugo Chavez: 100 dollars is a the fair price for oil

25 February 2008
Written by: webmaster Posted under Politics

Venezuelian president Hugo Chavez considers, that 100 dollars is “the fair price” for barrel of oil. As Associated Press informs, he has made such application in the television reference to inhabitants of the country.
Hugo Chavez has promised that in the nearest future the price will not decrease cardinally. the Venezuelan president has declared that his country will do its best within the limits of OPEC to fix the prices at a present level.
Caracas has serious levers of pressure upon OPEC’s policy and consistently defends a position of decrease in an official quota of cartel’s oil extracting. On results of this week the barrel of the Venezuelan oil with the raised maintenance of sulfur, according to the Ministry of power and a petroleum industry of Venezuela, was on sale for 90,13 dollars - on 3,84 dollars more, than in the end of the last week. Meanwhile, still in 1999 the barrel of a similar grade of the oil made in Venezuela, cost 10 dollars.
Let’s remind, that on February, 20th, the price for oil of mark WTI in New York has reached a new record - 100,10 doll./barr. The new coil of a rise in prices has been caused by expectations of possible reduction of quota for oil extracting by OPEC and a proceeding suit between American oil company Exxon Mobil and Venezuelan state company PDVSA in connection with nationalization of deposits in a river basin of Orinoco.
After February, 20th of the price for “oil” has decreased a little, however on February, 22nd, it has grew up.
 On NYMEX cost of barrel Light Sweet has reached 98,81 doll./barr. At the tenders in London the price North Sea Brent has grown up to 97,01 doll./barr.




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