Declining Oil Prices And Budget Revenues
In Venezuela, the state oil company PDVSA has revised downwards the averageprice of its basket of crudes for 1998 to $13/B. Previously the Venezuelan Government wascalculating its oil revenue for 1998 at $14/B and before that at $15/B. According to Mr.Luis Giusti, PDVSA's President, the lower oil price forecast will reduce his company'scontribution to the Venezuelan treasury by $1.7bn to $7.3bn. In 1997 PDVSA's...