| Kippreport.com

Venezuela’s Chavez sees oil stabilizing at $100 per barrel

July 10, 2012 12:00 by Reuters

Venezuela’s President Hugo Chavez said on Monday that the global price of oil should stabilize at around $100 per barrel.

“The price of oil is going to stabilize around $100 per barrel. Everything seems to indicate that,” Chavez told a news conference. Venezuela is a member of OPEC.

International reserves were dropping, Chavez said, except in a few countries like Venezuela, Iran and Saudi Arabia. “And the needs are going to keep growing,” he said.

Chavez, whose country is traditionally hawkish on prices and relies on oil for about 95 percent of its exports, gave no further details in his brief comments on the global outlook

Tags: global price, oil, opec, Venezuela, Venezuela's President Hugo Chavez