VOL. XLVI
No 42
20-October-2003
BUDGETS AND REVENUES
Venezuelas 2004 Budget Based On Oil Price Of $18.50/B; Iraq 2004 Budget On $21/B
Venezuelas budget for 2004 is based on an average oil price of $18.50/B, according to budget documents released on 8 October, narrowing down an earlier oil price estimate of $18-20/B for the year (MEES, 22 September). Oil production by the state oil company PDVSA is forecast at 2.8mn b/d, with the output share from heavy-oil joint ventures with foreign companies...
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