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Fair oil price must be at around 100 dpb - Chavez

June 10, 2012, 6:33 UTC+3

The average cost of a barrel of Venezuelan oil this week fell to 94 dollars

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CARACAS, June 10 (Itar-Tass) —— Venezuela’s President Hugo Chavez believes that the fair crude oil price must be at around 100 dollars per barrel.

“We find it alarming some OPEC countries abuse oil export quotas,” Chavez told the media on Saturday.

“I am not going to name the specific countries, that’s an internal affair of OPEC. We shall discuss it in order to achieve a fair level of oil prices,” Chavez said, adding that Venezuela’s minister of oil and mining industries, Rafael Ramirez, was leaving for an OPEC meeting within hours.

The average cost of a barrel of Venezuelan oil this week fell to 94 dollars. The annual average price for Venezuelan oil was 110 dollars, more than twice higher than the forecast of 50 dollars, incorporated in the state budget for 2012. Venezuela produces 2.97 million barrels of oil per day, 2.5 million of which is exported (mainly to the U.S. and China). It is the world's fifth largest oil exporter. Venezuela has the world's largest proven oil reserves, estimated at nearly 300 billion barrels. Most of this oil in the so-called Orinoco oil belt is heavy and superheavy.


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