Chavez has used this oil wealth to finance massive spending and subsidy programs over his last 14 years in power, but budgetary pressure will continue to increase.
Other measures discussed, such as introducing a car-scrapping subsidy, supporting workers on short time and improving car companies' access to finance, have reached no conclusion.
The government finance team led by respected pair central bank governor Lamido Sanusi and Finance Minister Ngozi Okonjo-Iweala have long argued that removing the subsidy would free up money to invest in other sectors and relieve poverty.