VOL. XLI

No. 25

22-June-1998

OMAN

Declining Oil Prices And Budget Revenues

In Venezuela, Planning Minister Teodoro Petkoff has warned that his country mustprepare for at least five years of depressed oil prices by diversifying its revenuesources. He pointed out that the government's 1999 budget proposal would be based on aconservative average oil price of $12.50/B. According to the Venezuelan Ministry ofFinance, the 1999 budget will be based on average oil exports of 3.2mn b/d, compared to2.8mn...