TODAY VENEZUELA – Venezuelan oil average price this week regained USD 5.82 compared to the previous week, standing at USD 44.64. For almost seven months, the Venezuelan oil basket had not experienced a weekly increase of more than one dollar, the Venezuelan Ministry of Petroleum and Energy reported on Friday.
“Crude oil prices ended upward with regard to the previous week, mainly spurred by the news of shrinking budgets for exploration and production of oil companies in several countries,” the Venezuelan Ministry of Petroleum and Energy elaborated in its weekly report.
Likewise, the ministry noted that the recovery was due “to the news of the monetary stimulus plan in China and growing violence in Libya.”
The rising curve was also reflected in the oil basket price of the Organization of Petroleum Exporting Countries (OPEC), for USD 6 ending at USD 49.56.