Venezuela's Chavez says current oil prices are 'fair'

Venezuela's Chavez says current oil prices are 'fair'

Caracas (Platts)--27May2005


Venezuelan President Hugo Chavez said Thursday he considers the current price
for the country's oil, around $40/bbl, "fair" and would seek to keep it at
that level or higher. Referring to the latest price of Venezuela's export
basket, which he pegged at $40.85/bbl on Wednesday, Chavez said: "That's a
fair price. Let's hope it doesn't go any lower than that." Chavez said earlier
this month in Brazil that a suitable price range for OPEC oil would be between
$40-$60/bbl. 

Venezuelan exports trade around $6 lower than the OPEC basket and $10 less
than the WTI benchmark, which settled Thursday at $51.01/bbl. OPEC oil
ministers plan to meet in Vienna on June 15 to discuss output levels.
Venezuela under Chavez is a keen price hawk.

This story was originally published in Platts Global Alert
http://www.globalalert.platts.com

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