Nov. 23 (Bloomberg) -- Venezuelan President Hugo Chavez said he's more concerned about the global financial crisis than the falling price of oil, which accounts for 90 percent of the South American country's exports.

Chavez said the price of oil is ``unpredictable'' right now. Venezuela is prepared to withstand the recent drop in crude oil prices, the president said after casting his ballot today in Caracas for the country's state and municipal elections.

``I'm studying this crisis very closely,'' he said in comments broadcast by state television. ``Should Venezuelan oil prices hold at $50, or even lower, the Venezuelan economy, the nation, the fatherland will continue to advance.''

The Venezuelan basket, an average of the country's prices of oil and refined products, plunged 68 percent since July 18 to $40.68. The government has proposed a budget for next year based that prices oil at an average of $60 a barrel.

Chavez said the surge in oil prices earlier this year was ``unfair,'' because of the drag it created on poor oil importing countries in Central America and the Caribbean.

``I was more concerned when the price of oil was at $150 than when it fell to $50,'' he said. ``At $150, all the countries in Central America cracked.''

To contact the reporter on this story: Matthew Walter in Caracas at mwalter4@bloomberg.net.

Last Updated: November 23, 2008 15:05 EST