Finance and Planning Minister Jorge Giordani presented the 2012 draft budget, which sees government expenditure rising 46.6% nominally. The opposition criticized the budget, claiming that the Chávez administration aims to boost social spending ahead of the 7 October 2012 presidential election. The 2012 draft assumes an average price of USD 50 per barrel, which is up USD 10 over the previous year’s budget. Meanwhile, the price of the Venezuelan mix of crude oils remained strong in October, hovering above the USD 100 per barrel mark.
