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Venezuela has decided it needs to pump more oil. It has a simple problem. The nation’s income has cascaded as oil prices have fallen from more than $140 last summer to under $40 now. What it cannot get in price, the South American nation needs to make up in volume.
The viability of the Chavez government may hinge on its ability to keep the cash rolling in to cover the costs of social programs and the building and repair of the nation’s infrastructure.
U.S. officials are scrambling to assert that the Obama administration hasn't softened U.S. policy toward Venezuela, where President Hugo Chávez recently won a controversial referendum allowing him to run for office as many times as he wants.
Originally posted by mmiichael
He wants to have the fun of being king, and is already working on making sure he never leaves.
It's really wait and see as to whether he can run Venezuela in a way that benefits anyone other than himself and his cronies.
(Adds minister on fiscal accounts, paragraphs 8-13)
CARACAS, Feb 25 (Reuters) - Venezuela expects to propose a new OPEC output cut at the group's next meeting in March in an effort to bolster low oil prices, the country's finance minister, who is a former OPEC president, said Wednesday.