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article imageVenezuela's Chavez Pushes OPEC To Cut Oil Production

By Inkling     Dec 3, 2006 in Business
Some reports indicate Venezuela has insisted oil not drop lower than $50 USD per barrel, however all sources agree it will ask OPEC in an upcoming meeting in Nigeria to cut production to stave off further price declines for the lucrative oil market.
Chavez will likely be riding high off his expected election win, largely bought through his ruthless use of oil revenues to crush opposition, and his ability to spread cash among the poor to ensure popularity. How long can a one-commodity economy last?
 
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