Anti-Chavez Coup Aimed At Controlling OPEC
Posted: Saturday, April 13, 2002
TEHRAN TIMES -- Can a country, which has been one of the founders of the Organization of Petroluem Exporting Countries (OPEC) prepare the ground for the dissolution or inefficiency of this organization in the near future?
Although the coup which occurred in Venezuela on Friday is in line with U.S. interests in Latin America and apparently has no direct effect on the Middle East, still it is going to have a definite influence on the interests of the OPEC members.
Since Hugo Chavez will no longer be the president of Venezuela, he will not be able to defend the OPEC price range of 22 to 28 U.S. dollars per barrel. In other words, Venezuela's oil policies should now be analyzed without considering Chavez.
Venezuela is currently OPEC's fourth leading oil producer, producing 2.497 million barrels of oil per day. But political instability which started in its oil industry led to general strikes throughout the country.
Today, one day after the military coup, Chavez, who was boosting OPEC's oil policies in recent years, is being held in custody at a military base in the capital. MORE