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Chavez Says Oil Prices Hurting Venezuelan Budget

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Mar 21, 2009 7:15 pm US/Eastern

Chavez Says Oil Prices Hurting Venezuelan Budget

CARACAS, Venezuela (AP) ― President Hugo Chavez says Venezuela is revising its 2009 budget to reflect a 6.7 percent decrease in income as oil prices remain low.

He says the new budget will be based on crude prices of $40 a barrel, not the $60-a-barrel forecast last year.

He says the government now expects $72.7 billion in income, and may be forced to reign in years of steep increases in public outlays.

Chavez promised Saturday to send a revised budget to the legislature in coming days.

Venezuela depends on oil for 93 percent of exports and nearly half its federal budget.

Crude prices are now 65 percent below their July 2008 peak.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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