The MasterBlog: Venezuela Supplies 300,000 Barrels of Subsidized Oil (Update1) Bloomberg
Subscribe to The MasterBlog in a Reader Subscribe to The MasterBlog by Email

MasterBlogs Headlines

Thursday, October 16, 2008

Venezuela Supplies 300,000 Barrels of Subsidized Oil (Update1) Bloomberg

Venezuela Supplies 300,000 Barrels of Subsidized Oil (Update1)

By Matthew Walter

Oct. 16 (Bloomberg) -- Venezuela, the biggest oil exporter in the Americas, is currently supplying 300,000 barrels of oil a day at subsidized prices to poor countries in South America and the Caribbean, President Hugo Chavez said.

The president said Venezuela will continue to press the Organization of Petroleum Exporting Countries to provide subsidized oil to the 50 poorest countries in the world, most of which are in Africa. There isn't yet a ``consensus'' on the issue within the oil-producing cartel, Chavez said late yesterday in comments broadcast by state television.

Chavez said the Venezuelan economy won't collapse even as oil prices decline. Crude oil traded below $73 a barrel today after a global stock plunge heightened concern bank bailouts won't prevent a recession.

``Many want the oil price to continue to drop to see us fall, but Venezuela isn't going to go under,'' he said, according to the state news wire. ``Although no country can say that it won't be affected by this economic disorder, the threat that some sectors want this to create in this country isn't going to materialize.''

Venezuela intends to reduce its dependence on trade with the U.S. by increasing oil shipments to China, he said. The South American country will ``soon'' be sending 400,000 barrels a day to China, with the goal of increasing that to 1 million barrels a day ``in the coming years,'' he said.

Oil Output

Venezuelan oil output was unchanged in September from the previous month at 2.36 million barrels a day, according to Bloomberg estimates.

Chavez said OPEC should also consider Venezuela's proposal to create a development bank. If the initiative fails, he said he'll pursue the option with oil-producing nations such as Russia and Iran.

The socialist leader said his country has benefited from economic and military agreements with Russia, which has sold Venezuela billions of dollars of weapons.

``I think the rebirth of Russia is positive for the world,'' Chavez said. ``If it weren't for Russia, and the rebirth of Russia, Venezuela would be completely disarmed.''

To contact the reporter on this story: Matthew Walter in Caracas at

Last Updated: October 16, 2008 02:24 EDT

Bloomberg Printer-Friendly Page

No comments:

Post a Comment

Commented on The MasterBlog

Tags, Categories

news United States Venezuela Finance Money Latin America Oil Current Affairs Middle East Commodities Capitalism Chavez International Relations Israel Gold Economics NT Democracy China Politics Credit Hedge Funds Banks Europe Metals Asia Palestinians Miscellaneous Stocks Dollar Mining ForEx Corruption obama Iran UK Terrorism Africa Demographics UN Government Living Bailout Military Russia Debt Tech Islam Switzerland Philosophy Judaica Science Housing PDVSA Revolution USA War petroleo Scams articles Fed Education France Canada Security Travel central_banks OPEC Castro Nuclear freedom Colombia EU Energy Mining Stocks Diplomacy bonds India drugs Anti-Semitism Arabs populism Saudi Arabia Brazil Environment Irak Syria elections Art Cuba Food Goldman Sachs Afghanistan Anti-Israel Hamas Lebanon Silver Trade copper Egypt Hizbollah Madoff Ponzi Warren Buffett press Aviation BP Euro FARC Gaza Honduras Japan Music SEC Smuggling Turkey humor socialism trading Che Guevara Freddie Mac Geneve IMF Spain currencies violence wikileaks Agriculture Bolívar ETF Restaurants Satire communism computers derivatives Al-Qaida Bubble FT Greece Libya NY PIIGS Republicans Sarkozy Space Sports BRIC CITGO DRC Flotilla Germany Globovision Google Health Inflation Law Mexico Muslim Brotherhood Nazis Pensions Peru Uranium cnbc crime cyberattack fannieMae pakistan stratfor Apollo 11 Autos BBC Bernanke CIA Chile Climate change Congo Democrats EIA Haiti Holocaust IFTTT ISIS Jordan Labor M+A New York OAS Philanthropy Shell South Africa Tufts UN Watch Ukraine bitly carbon earthquake facebook racism twitter Atom BHP Beijing Business CERN CVG CapitalMarkets Congress Curaçao ECB EPA ETA Ecuador Entebbe Florida Gulf oil spill Harvard Hezbollah Human Rights ICC Kenya L'Oréal Large Hadron Collider MasterBlog Morocco Mugabe Nobel Panama Paulson RIO SWF Shiites Stats Sunnis Sweden TARP Tunisia UNHRC Uganda VC Water Yen apple berksire hathaway blogs bush elderly hft iPad journalism mavi marmara nationalization psycology sex spy taxes yuan ALCASA ANC Airbus Amazon Ariel Sharon Australia Batista Bettencourt Big Bang Big Mac Bill Gates Bin Laden Blackstone Blogger Boeing COMEX Capriles Charlie Hebdo Clinton Cocoa DSK Desalination Durban EADS Ecopetrol Elkann Entrepreneur FIAT FTSE Fannie Freddie Funds GE Hayek Helicopters Higgs Boson Hitler Huntsman Ice Cream Intel Izarra KKR Keynes Khodorskovsky Krugman LBO LSE Lex Mac Malawi Maps MasterCharts MasterFeeds MasterLiving MasterMetals MasterTech Microsoft Miliband Monarchy Moon Mossad NYSE Namibia Nestle OWS OccupyWallStreet Oman PPP Pemex Perry Philippines Post Office Private Equity Property Putin QE Rio de Janeiro Rwanda Sephardim Shimon Peres Stuxnet TMX Tennis UAV UNESCO VALE Volcker WTC WWII Wimbledon World Bank World Cup ZIRP Zapatero airlines babies citibank culture ethics foreclosures happiness history iPhone infrastructure internet jobs kissinger lahde laptops lawyers leadership lithium markets miami microfinance pharmaceuticals real estate religion startup stock exchanges strippers subprime taliban temasek ubs universities weddimg zerohedge

Subscribe via email

Enter your email address:

Delivered by FeedBurner