Chavez Proposes Idea of An Oil Bank

Hugo Chavez is worried that oil prices will further fall. "We expect (the price) to stabilize between $80, $90 and $95 a barrel," he said.

One of his proposals, apparantely aimed at improving the situation is an oil bank creation. Though Venezuela's leader didn't throw light on any details of how this bank would work.

"We once proposed the creation of an OPEC Bank...but it wasn't adopted. Lets work with the idea of an oil bank, a couple of oil (producing) countries can do it," Chavez said.

Whether the idea is good or not, the time will show. Yet has nobody among oil countries commented on this.

Author: Ksenia Kochneva