VOL. XLV
No 40
7-October-2002
VENEZUELA
Venezuelas 2003 Budget Based On Oil Price Of $17-18/B; Norway $24/B
The Venezuelan budget office has announced its budget for2003 based on an average oil price of $17-18/B for the Venezuelan basket,according to JP Morgan, which notes that this is a fairly conservative oilprice assumption. JP Morgans new WTI forecast for 2003 is $26.2 and theVenezuelan oil basket usually trades $4 below WTI prices. Revenues are forecastat VEB28 trillion ($19.2bn).
Norway, the...
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