Venezuela and Ecuador revise bilateral deals and confirm commitment to further OPEC cuts

Caracas, Venezuela, 28 October, 2008. Today, the Venezuelan President, Hugo Chavez, met his Ecuadorian counterpart, Rafael Correa, to review the current status of their bilateral agreements and discuss world recession.  Their meeting took place at Puyo, at the Amazonian region of Ecuador. During their meeting, Chavez expressed the willingness of Venezuela for a further reduction of a one million oil barrel if needed by OPEC to stop dropping prices. Ecuador currently funds 40% of its budget with oil revenues. President Correa has warned of a foreign debt default (US$ 13 millions) if oil prices drop dramatically.  

After criticising the capitalist system for creating the current world recession, both Chavez and Correa called upon creativity to find a regional solution to the crisis but using their own resources and from a socialist perspective. Earlier today, the Ecuadorian Minister for Economic Planning, Pedro Paez, proposed the creation of a new e-currency for a new financial structure in Latin America.

Ecuador and Venezuela review their common oil and gas projects in Manabi and the Guayaquil Gulf and the Orinoco Basin. Their Presidents are expected to sign 12 new bilateral agreements later today.

More news to come...

Sources: Telesur, El Comercio, Telegrafo, VTV, Hoy, UnionRadio, El Universo, YVKE, Globovision, La Hora, El Tiempo,