Bank Of Baku

Oil price may fall to $20/ barrel

Oil price may fall to $20/ barrel
# 09 February 2009 08:39 (UTC +04:00)
Caracas –APA. Oil price can fall to $20 a barrel, but not lower, Venezuela’s finance minister, former OPEC Secretary General Ali Rodriguez told Venezuelan daily El Universal. He said the government would try to avoid social spending cuts. The government planned for an average oil price of $60 a barrel in its 2009 budget, but the average price so far this year for Venezuela’s thick crude was $36.16, Rodriguez said.
Venezuela is the world’s fifth oil exporter and one of the OPEC founders.
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