Economy
Minister of Economy and Finance Alí Rodríguez Araque said Thursday, just before reading his annual report and accounts before the members of the National Assembly, that it is still too early to forecast the behavior of oil prices in coming years. Rodríguez added that if oil prices continue to plunge, Venezuela "will suffer the consequences." 

The official stressed at the National Assembly that so far Venezuela has not been seriously harmed by the world financial crisis because of the strength of the international reserves and of the National Development Fund (Fonden), which has totaled USD 57 billion in five years.

While last Wednesday Rodríguez Araque said that Venezuelan economy may hold steady for three years without sacrifices, on Thursday, the Finance Minister claimed economic performance would depend on the behavior of oil prices, adding that Venezuela may withstand lingering low oil prices in 2009.

"If the global economic crisis persists in the coming years, Venezuela will also suffer the consequences," said Rodríguez Araque. However, the minister stated that "it is too early to make economic forecasts, especially with regard to oil prices, which even in times of volatility have always been difficult to predict."