By Matthew Walter
Jan. 12 (Bloomberg) — Venezuelan President Hugo Chavez says he won’t adjust the oil-exporting country’s pegged exchange rate amid a plunge in prices for crude. Instead, seeking to maintain his popularity, he may devalue the currency by sleight of hand.
The government is already cutting its sales of dollars at the rate it [...]

BAGHDAD: The Iraqi Oil Ministry says oil exports in October increased to 52.8 million barrels, up by 3.5 million barrels from the previous month.
The ministry says revenues in October were $3.11 billion, down $1.1 billion from the previous month because of the sharp drop in oil prices. Iraqi oil was purchased by 22 international oil [...]

Oil Closes Below $50, Lowest Price Since May 2005
After rising to dizzying heights this summer, the oil market is suffering a hair-raising drop with no apparent end in sight.
Oil prices fell to their lowest level in more than three years, falling below $50 a barrel on Thursday, after shedding close to $100 in four months [...]

Iran called on OPEC Saturday to cut production by a further 1 million to 1.5 million barrels per day when it meets in Cairo later this month, state television’s Web site reported Saturday.
By ALI AKBAR DAREINI
Associated Press Writer
TEHRAN, Iran —
Iran called on OPEC Saturday to cut production by a further 1 million to 1.5 million [...]

TEHRAN, Iran (AP) — Three weeks ago, a hard-line cleric close to Iran’s president gloated publicly that the world financial crisis was God’s punishment on the United States. The laughter, however, was short-lived.
Iran plunged this week into a bitter storm of political recrimination, largely directed at President Mahmoud Ahmadinejad, as officials and ordinary Iranians realized [...]

By JAD MOUAWAD
At the beginning of the year, OPEC producers felt confident that strong economic growth and tight supplies would keep oil prices high. When oil crossed the $100-a-barrel threshold in February, the cartel’s president blamed speculators and said there was not much OPEC could do.
But now, panic is gripping producers as prices drop. They [...]

Venezuela’s President Hugo Chavez has predicted that oil prices will most likely continue to decline as the US falls into a recession.
“The price of oil is falling? Yes. The price will carry on falling? Probably. But Venezuela will not drown,” Chavez said on Wednesday.
Chavez added that the global economic crisis may affect Venezuela, [...]