VOL. XLI

No. 34

24-August-1998

OPEC

Venezuela's Oil Revenue Projected To Fall To $5.9Bn In 1998

The President of the Venezuelan state oil company PDVSA said last week that thedownward revision of the average price for the Venezuelan basket of crude oil and productsto $11.50/B in the budget for the whole of 1998 will reduce oil revenues by a further$1.1bn to $5.9bn. In 1997 oil revenue was $11bn. The Venezuelan Minister of Finance, Ms.Maritza Izaguirre, has stated that as a result of the...