Petroleum Price Increase in Ecuador

With the oil stabilized between $ 80 and $ 90 is more than enough for the project "socialist Venezuela, said Chavez during the inspection of the construction of a rail system in central-north of the country.

The Venezuelan oil fell U.S. $ 13.78 this week and closed with an average price of $ 68, marked by international concern of a "slowdown of world oil demand before the prospects of a global recession," says the Ministry of Energy and Oil of Venezuela (MEP).

In the 2009 national budget, which must be approved by Parliament, the price of a barrel of oil was estimated at $ 60, well above the $ 35 planned for 2008 and lower than the average price of $ 100.19 recorded in that years the basket of Venezuelan oil.

Chavez also said that Venezuela "is (ready) to pay any price of oil" because his government managed to capitalize on numerous international reserves and resources binational funds. "Only in international reserves have $ 40 billion, and bilateral funds with China and Russia have another $ 40 billion," added the president of Venezuela.