Curtains to cheap oil era: Venezuela

Venezuela, the world’s fifth largest oil exporter and a member of Opec, said on Saturday that the era of cheap oil was over and consumers should expect prices to stay in the $40-$50 a barrel band.

Venezuelan President Hugo Chavez told reporters that “the world should forget about cheap oil.”

“We don’t want the oil (prices) to go to $100 a barrel (but) during the 1st decade of 21st century (2000-2010), prices will remain in the $40-50 per barrel band and may even go further,” he said.