VOL. XLI

No. 37

14-September-1998

OPEC

Venezuela Lowers Its Oil Price Assumption Again To $11.50/B For 1998

The Venezuelan Minister of Planning, Mr. Teodoro Petkoff, said on 4 September that hisgovernment had reduced the average price of the basket of crude oil and products in its1998 budget to $11.50/B. This is the fourth reduction in the oil price assumption from theoriginal forecast of $15.50/B. The actual basket price in 1998 has so far averaged$11.07/B, according to the Venezuelan Ministry...