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Chavez promises low oil prices will not stop the revolution

Tuesday, January 6th 2009 - 20:00 UTC
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Venezuelan President Hugo Chavez forecasted that the “unity” of the world's big producers of crude will restore stability to global petroleum markets and anticipated that even if the price of Venezuelan oil falls to zero, “the Bolivarian revolution will continue”.

"Yesterday, (oil) rose $5 ... the price has been recovering, seeking stability ... and we will reach it and moreover, we oil exporting countries are very united" said President Chavez addressing a rally in Caracas of his United Socialist Party of Venezuela. Venezuela is the world's No. 5 oil exporter, a key supplier of crude to the United States and a founding member of the Organization of Oil Exporting Countries. Venezuela's heavy, high-sulphur crude sold for 32.14 USD a barrel on December 19, the most recent figure provided by the country's Energy Ministry, which is due Friday to resume weekly reports on the oil markets. President Chavez said that opponents who are dreaming of a continuing plunge in oil prices to derail his agenda will be in for a disappointment. "Gentlemen of the Venezuelan opposition parties: I exhort you to place the price of oil at zero Bolivares and I assure you that Venezuela does not enter into economic crisis, because we have means to maintain ourselves. The revolution does not stop and will not stop," he said.

Categories: Economy, Latin America.

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