Latinnews Daily - 9 October 2003

The finance ministry is about to send the 2004 budget to congress. It has leaked the highlights. These include an assumption that the state oil company, Petróleos de Venezuela, will produce an average of 2.8m bpd at an average price of US$18.5 a barrel. This is US$2.50 above the price forecast in the budget for this year: the actual average export price in the first nine months of the year was US$24.56 a barrel. This higher-than-expected price has enabled the government to keep its spending promises despite the collapse of the economy.

End of preview - This article contains approximately 272 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options

• Subscribe
• Sign up for a one-time, 14-day trial