(Adds analysts comment, details on tax revenues)

CARACAS, Oct 24 (Reuters) - The price of Venezuelan oil fell more than 10 percent this week, boosting financial pressure on the government of leftist President Hugo Chavez whose popularity depends on oil-financed social programs.

Analysts said Chavez could survive a large oil price drop in the short term due to abundant government funds, but the socialist stalwart could face a larger-than-expected 2009 fiscal deficit amid the global financial crisis.

The average price for Venezuela's oil basket dropped $6.91, to $61.09 per barrel, for the week ending Oct. 24, the OPEC nation's energy ministry said on Friday, amid a massive tumble of energy prices across the globe.

Ratings agency S&P on Friday said it maintained a stable outlook for Venezuela and expected the current account to remain in surplus until at least 2011, though warned it could have to devalue its currency in 2009.

The price drop could eliminate some $9 billion in revenues that the government expected to receive through a windfall oil tax created earlier this year.

The tax went into effect when world oil prices were at $70 per barrel -- $5 above the price U.S light crude was fetching in Friday afternoon trading.

The oil price was closing in on the 2009 government budget price target of $60 per barrel, meaning a further slump could boost the budget shortfall an expected $5.6 billion.

Venezuelan lawmakers usually create an artificially low target for the oil price, allowing the government to spend the money with fewer strings attached later.