Venezuela's President Chavez mulls oil bank

Caracas, Oct 9 (Prensa Latina) Venezuelan President Hugo Chavez has suggested the creation of an international oil bank aimed at ensuring energy security in the face of uncertain and speculative oil prices.

The proposed bank could be formed within the Organization of the Petroleum Exporting Countries (OPEC) or failing a consensus in the cartel, by major non-OPEC nations, he said.

'We have already told (Venezuelan) Energy and Oil Minister Rafael Ramirez to announce the initiative at OPEC's extraordinary meeting,' Chavez said Wednesday while addressing the ongoing conference called Answers of the South to the world Economic Crisis, being held here till Saturday.

Chavez named Iran, Ecuador, Russia and Bolivia as possible members of the proposed bank.

'We have been saying this for years. We are going to create in Latin America the necessary and sufficient structures to keep our reserves safe. It is necessary to do it in a progressive way,' Chavez said.

'We are going to create our structure in the South. This way we are assuring to maintain and sustain the pace of investments in Venezuela with the support of Brazil, which have secured resources.'

The president expressed his hope that global oil price would eventually stabilise at between $80 and $90 a barrel.