VENEZUELA: Ecuadorian President Rafael Correa meets with President Hugo Chavez as both insist oil being sold too cheaply

Record ID: 343990

  • Title: VENEZUELA: Ecuadorian President Rafael Correa meets with President Hugo Chavez as both insist oil being sold too cheaply
  • Date: 15th December 2010
  • Summary: CHILDREN WAVING VENEZUELAN FLAGS AND CHANTING TO WELCOME CORREA CHAVEZ WALKING TOWARD CHILDREN CHANTING FOR HIM AND CHEERING AND CHAVEZ HUGGING WOMAN CROWD CHANTING CHAVEZ WALKING INSIDE BUILDING
  • Embargoed: 30th December 2010 12:00
  • Keywords:
  • Location: Venezuela, Bolivarian Republic of
  • Country: Venezuela
  • Topics: Domestic Politics
  • Reuters ID: LVA2WRLTKNVDKGM34S35LU94DUK7
  • Story Text: Venezuelan President Hugo Chavez and Ecuadorian President Rafael Correa said on Tuesday (December 14) that the price for a barrel of oil is too low and should be at least $100 dollars a barrel.
    A crowd of supporters waving flags and cheering welcomed the Ecuadorian leader to the Venezuelan capital where he was donating supplies to flood victims.
    While speaking on the phone with the President and CEO of CITGO, a U.S.-based affiliate of Venezuela's state-owned Petroleos de Venezuela (PDVSA) Alejandro Granado, the two leaders said the price for oil was too low.
    "How's the price of oil today, Granado? Over there in the United States, what are they selling it at? 88 [dollars]? That is really cheap. It should be 100 [dollars]. I'm putting Correa on the line. At $100 dollars, $100 dollars," Chavez said.
    "Hello? Granado, $120 dollars is the suitable price and with that we can cover the cost of the tents," Correa said referring to emergency tents given out to flood victims in Venezuela who have been forced from their homes.
    The statements follow an OPEC meeting of petroleum producing nations in Quito last weekend where Chavez insisted the fair price for oil is $100 dollars.
    Before the OPEC meeting, Correa had signaled that the current productivity and price of oil was reasonable.
    Ecuador is OPEC's smallest member and welcomed delegates from member states over the weekend in which they decided to keep current production rates despite a rise in fuel demands.
    Crude futures in the U.S. closed at $88.28 dollars a barrel on Tuesday.
    Also on Tuesday, the oil minister of Kuwait, one of the world's largest crude producers, said he wanted to see a price between $75 and 90 dollars per barrel.
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