Chavez Wants Oil to Cost $50 a Barrel / News / News agency Inforos
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Chavez Wants Oil to Cost $50 a Barrel

Venezuela's president Hugo Chavez said that oil at $50 a barrel is a reasonable price and justifiable from the viewpoint of economics. According to him, at $50 a barrel Venezuela's economy can develop steadily.

As of today, Venezuela's gold reserves constitute $26.26 billion. Therefore, for these reserves to grow by $18-20 billion, world oil prices should stay at the level of $50. At present there is no reason why oil prices should go down, noted H. Chavez.

At the same time, Venezuela's president negatively assessed the prospects of oil prices going up to $100. He said that such high oil prices would create problems, and first of all for the petroleum producing countries.
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