Oil prices rise as Venezuela coup fizzles
Last Updated: Monday, April 15, 2002 | 5:14 PM ET
CBC News
Crude oil prices rose on world markets Monday as Venezuelan president Hugo Chavez swept back into power. The failure of last Friday's attempted coup led analysts to speculate that Venezuela will be in no rush to increase oil production.
- FROM Apr. 14, 2002: Chavez calls for calm after winning back Venezuelan presidency
Chavez, one of the most ardent supporters of OPEC's efforts to keep oil prices high, was quick to offer an olive branch to the state oil company, where bitter strikes have hampered production. Chavez accepted the resignations of the oil company's directors he had appointed.
It was those appointments back in February that had led to open rebellion at the company, PDVSA. Executives feared the appointments were an attempt by Chavez to control the monopoly, which had been largely running its own show.
Hugo Chavez: He's back
- FROM Apr. 12, 2002: Oil prices slide as pro-OPEC Venezuelan leader is ousted
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