Venezuela calls on OPEC to subsidize oil for poor


Hugo Chavez wants OPEC to absorb costs of oil import bills of world’s 50 poorest countries.

Venezuelan President Hugo Chavez called on the OPEC cartel to absorb the costs of the oil import bills of the world’s 50 poorest countries, predicting that the price of crude is “going to continue rising.” “OPEC, or some of its members, should take the responsibility to supply these countries through special mechanisms, subsidies, donations, agreements. It is not going to make us any richer or poorer,” he said at a meeting of the non-aligned movement at Isla Margarita on Venezuela’s northern coast.

Chavez said he thought the price of crude, which hit a new record over $146 a barrel in London trading on Thursday, would “continue to rise, and not because (oil exporters) want it to; it is not our fault.” But, he said, “We should not allow the price of a barrel to fall heavily on poor countries.”

Chavez repeated his earlier accusations that the climb of oil prices rise past 100 dollars is to be blamed on tensions fomented by the United States with Iraq, Iran and Venezuela. But he also blamed the “exhaustion” of world petroleum reserves and high demand in developed countries. (Tehran Times)


Business confidence falls slightly in June Analysis

Business confidence falls slightly in June

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Budapest launches revamped coupon card for visitors City

Budapest launches revamped coupon card for visitors


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.