Middle East Economic Survey

VOL. XLVIII

No 44

31-October-2005

OPEC/GENERAL

Venezuela Oil Output Under Pressure Ahead Of 2006 Presidential Vote

While most OPEC member countries have boosted savings and oil investment during the recent boom in oil prices, Venezuelas President Hugo Chavez has funneled oil revenue directly into infrastructure and educational programs tailored to garner the most political support. This spending bypasses the national treasury and any formal auditing from the Comptroller...