[WellyP]

Chavez has budgeted for $100 per barrel oil. The country is 40% upside down right now with oil at about $55 per barrel. If Chavez (or Iran and Russia) can not reverse the prices of oil they can not cause much trouble. Venezuelan reserves are so low that the country will be unable to pay for most of its imports within 4 months. Iran can not produce more than 25% of its own diesel and imports the rest from Dubai. The Russian markets have tanked by 70% since Feb. and the lack of inward investment has crippled growth. We should no NOTHING except rejoice. Do nothing right now that would rattle the cages and drives up oil prices.

OPEC Basket $54.89 11/06
Venezuelan Basket: $52.96 11/07
11/07:BRENT IPE $57.35 NYMEX WTI $60.04
11/07: US$/VBOF:Parallel 5.00-buy 5.20-sell
11/07: 1 Euro:1.2717 US $ (2200 GMT )

[Tainan]

Time to hold ‘em and watch the other fella start sweatin’.

[FastCoyote]

“We should no NOTHING except rejoice.”

You betcha. And just where is Hugo going to get investment capital and/or expertise to open up new fields of low grade Venezuelan sludge? Good luck Bucko, hope they find a nice lamppost to hang you from and not some tree.