PdVSA’s Rodriguez: Oil Prices Won’t Decline Until 2Q ‘05

RIO DE JANEIRO (Dow Jones)–The president of the world’s fifth biggest oil
exporter, Petroleos de Venezuela SA (PVZ.YY), or PdVSA, said Wednesday that he
doesn’t expect oil prices to fall before the second quarter of next year.

10-06 12:28: PdVSA’s Rodriguez: Oil Prices Won’t Decline Until 2Q ‘05
DJ PdVSA’s Rodriguez: Oil Prices Won’t Decline Until 2Q ‘05

RIO DE JANEIRO (Dow Jones)–The president of the world’s fifth biggest oil
exporter, Petroleos de Venezuela SA (PVZ.YY), or PdVSA, said Wednesday that he
doesn’t expect oil prices to fall before the second quarter of next year.

“For the rest of this year, there won’t be any significant decline,” PdVSA’s
president, Ali Rodriguez, told reporters at a conference in Rio de Janeiro.
“Prices won’t fall in the first quarter either.”

Rodriguez said prices should start to ease in the second quarter as seasonal
demand declines. Oil refineries step up production of derivatives such as
heating oil in the winter to supply fuel for heating homes and businesses.
Rising stocks should take some pressure off prices as the winter season draws
to a close, the oil executive said.

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10-06-04 1528ET