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...