Venezuelan President Hugo Chavez said Saturday that the Organization of Petroleum Exporting Countries could fix a price for oil in a range of US$40 to US$50 per barrel, adding low petroleum prices were a thing of the past.
Chavez's comments come ahead of a crucial OPEC meeting in Iran on March 16. Some analysts are expecting the cartel to cut production to boost oil prices, which have skyrocketed over the past year on supply worries.
Venezuela, the world's fifth-largest oil exporter, has been consistently pushing for higher oil prices. Venezuela currently produces more than 3 million barrels of crude oil a day.
"The era of cheap oil is over," Chavez told reporters in New Delhi.
"The world should forget about cheap oil. It will never go back to the US$10 per barrel rate that prevailed in those days," he added.
Chavez didn't elaborate on how OPEC would introduce a trading range for oil prices, which are currently set by the market.
Chavez, who is on a four-day state visit to India, said he was considering increasing oil trade with countries like India and China to ensure their fast economic growth.
"Venezuela will now help the Southern Hemisphere countries with its oil more than it has helped the United States," he said.
"America wants to keep all the good things in the world for itself. But we will not let them do it," he said.
Relations between the US and Venezuela have deteriorated steadily since Chavez took office in February 1999. He has repeatedly accused Washington of trying to destabilize his government. The US State Department has rejected the allegation.
Separately, the US will buy crude from another country if Venezuela follows through on President Hugo Chavez's threat to cut off supplies, the US ambassador to Caracas said in interviews with local media.
Venezuela supplies the US market with 1.5 million barrels of crude a day -- about 15 percent of its crude needs, or nearly as much as Saudi Arabia supplies to the US.
Chavez has threatened to cut off that supply if there is any US "aggression," such as a military invasion or an attempt on his life.
"If the United States does not buy oil from Venezuela, it will buy it from another country," US Ambassador William Brownfield said in an interview with Globovision television news. He gave a similar assessment in interviews with local newspapers that were published on Saturday.
In Caracas, Brownfield acknowledged that a suspension of Venezuelan imports would initially "distort" the US economy, but dismissed it as a minor blip. "In the end, a free market can accommodate such a distortion," he said.
Washington wants to maintain its current relationship with Caracas, Brownfield said, adding that the White House is "analyzing options" in the event that there is a cut in supplies.
A global survey showed that 60 percent of Taiwanese had attained higher education, second only to Canada, the Ministry of the Interior said. Taiwan easily surpassed the global average of 43 percent and ranked ahead of major economies, including Japan, South Korea and the US, data from the Organisation for Economic Co-operation and Development (OECD) for 2024 showed. Taiwan has a high literacy rate, data released by the ministry showed. As of the end of last year, Taiwan had 20.617 million people aged 15 or older, accounting for 88.5 percent of the total population, with a literacy rate of 99.4 percent, the data
NEW LOW: The council in 2024 based predictions on a pessimistic estimate for the nation’s total fertility rate of 0.84, but last year that rate was 0.69, 17 percent lower An expected National Development Council (NDC) report expects the nation’s population to drop below 12 million by 2065, with the old-age dependency ratio to top 100 percent sooner than 2070, sources said yesterday. The council is slated to release its latest population projections in August, using an ultra-low fertility model, the sources said. The previous report projected that Taiwan’s population would fall to 14.37 million by 2070, but based on a new estimate of the total fertility rate (TFR) — the average number of children born to a woman over her lifetime — the population is expected to reach 12 million by
INTENSIFYING THREATS: Beijing’s tactics include massive attacks on the government service network, aircraft and naval vessel incursions and damaging undersea cables China is prepared to interfere in November’s nine-in-one local elections by launching massive attacks on the Taiwanese government’s service network (GSN), a report published by the National Security Bureau showed. The report was submitted to the Legislative Yuan ahead of the bureau’s scheduled briefing at the Foreign Affairs and National Defense Committee tomorrow. The national security team has identified about 13,000 suspicious Internet accounts and 860,000 disputed messages, the bureau said of China’s cognitive warfare against Taiwan. The disputed messages focus on major foreign affairs, national defense and economic issues, which were produced using generative artificial intelligence (AI) and distributed through Chinese
COUNTERING HOSTILITY: The draft bill would require the US to increase diplomatic pressure on China and would impose sanctions on those who sabotage undersea cable networks US lawmakers on Thursday introduced a bipartisan bill to bolster the resilience of Taiwan’s submarine cables to counter China’s hostile activities. The proposal, titled the critical undersea infrastructure resilience initiative act, was cosponsored by Republican representatives Mike Lawler and Greg Stanton, and Democratic Representative Dave Min. US Senators John Curtis and Jacky Rosen also introduced a companion bill in the US Senate, which has passed markup at the chamber’s Committee on Foreign Relations. The House’s version of the bill would prioritize the deployment of sensors to detect disruptions or potential sabotage in real-time and enhance early warning capabilities through global intelligence sharing frameworks,
RSS