[Previous entry: "Shells, rockets and leaflets are ammunition in Gaza battle"] [Next entry: "Rape case highlights South's abiding divide"]

04/03/2006:

"Chávez seeks to peg oil at $50 a barrel"

Venezuelan president Hugo Chávez is poised to launch a bid to transform the global politics of oil by seeking a deal with consumer countries which would lock in a price of $50 a barrel.

A long-term agreement at that price could allow Venezuela to count its huge deposits of heavy crude as part of its official reserves, which Caracas says would give it more oil than Saudi Arabia.

"We have the largest oil reserves in the world, we have oil for 200 years." Mr Chávez told the BBC's Newsnight programme in an interview to be broadcast tonight. "$50 a barrel - that's a fair price, not a high price."
guardian.co.uk