CARACAS -- Venezuelan President Hugo Chavez said Friday that the recent dramatic drop in oil prices poses no threat to his country, a major oil producer of the world.
With large sums of capital reserves in the national coffers, the Venezuelan government will continue its socialist reforms including providing food subsidies to the poor, despite the recent loss of oil money, Chavez said.
In addition, Venezuela has abundant social, financial and technical resources to maintain steady economic growth and the current financial crisis would not deter Venezuela's development, he said, adding that oil prices between 80-90 U.S. dollars a barrel would be sufficient for Venezuela.
The recent plunge in oil prices from the record high of 150 dollars per barrel in July to some 70 dollars has triggered concern among members of the Organization of Petroleum Exporting Countries (OPEC).
As a "hawkish" member of OPEC, Venezuela holds that the cartel should cut output so as to keep oil prices high.
With large sums of capital reserves in the national coffers, the Venezuelan government will continue its socialist reforms including providing food subsidies to the poor, despite the recent loss of oil money, Chavez said.
In addition, Venezuela has abundant social, financial and technical resources to maintain steady economic growth and the current financial crisis would not deter Venezuela's development, he said, adding that oil prices between 80-90 U.S. dollars a barrel would be sufficient for Venezuela.
The recent plunge in oil prices from the record high of 150 dollars per barrel in July to some 70 dollars has triggered concern among members of the Organization of Petroleum Exporting Countries (OPEC).
As a "hawkish" member of OPEC, Venezuela holds that the cartel should cut output so as to keep oil prices high.
