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Photo: Courtesy N24
(Caracas, July 16th .News24) .- The prices of the oil indices continued to show a downward trend, because of the behaviors that the main powers global markets, which generate uncertainty among commercial operators.
WTI, a marker and benchmark for the New York market, lowered its price by US $ 0.35, putting the price per barrel at 70.69. US $ This opening price implies a decline from Monday's July 9 price of more than US $ 3.50.
Brent, the benchmark crude oil on the London market, lowered its price by US $ 0.42, placing the price of its barrel at US $ 74.95 per barrel, a drop of just over $ 2.00 compared to last week's Monday price
The OPEC basket price dropped to $ 2.25, setting the price of its barrel at US $ 72.15 . Remember that this figure is the average price of raw index quotations for each of the fifteen (15) nations that make up the Organization of the Petroleum Exporting Countries (OPEC).
The price of the Venezuelan oil blend for the week ending Friday, July 13 was 456.76 Ys per barrel, a decrease of 5.00 Ys per barrel. Our oil is traded in yuan, unlike what happens on the international market, where the US dollar reigns. The reference exchange rate was 6.63 Ys. for US $ 1.00
This behavior in prices is a consequence of the confused positions that the great powers of the world adopt.
The United States accuses the European Union, its traditional ally, of being its "commercial enemy" "Russia, meanwhile, announces that it will invest more than 50 billion dollars in the Iranian energy sector and warns that it will not allow imbalances in the international oil market, which is interpreted as an announcement of increased production.China focuses on the development investments in the former Soviet republics, thirsty for cash to finance projects, preoccupied by the slowdown in its economy, which is growing at a slower pace than expected
These strange positions of the three most significant trading powers, have generated exaggerated levels of uncertainty among the most important international operators, who take positions in short, as a cover against the ups and downs have imbalance, which seem to lean in the horizon and that could have an impact on price levels.
In Venezuela, however, the national representative to OPEC, Ángel González, pointed out that the figures presented by the Organization as Venezuelan production are incomplete, since they do not understand the "heavy and extra heavy oils" that go to the "oil improvers."
He further indicated that the country was producing 1.57 million barrels a day, a figure that exceeds nearly 200 000 barrels the amount expressed by OPEC in its monthly report on the oil market, said that this figure could be increased to 1 735 million barrels a day, if we include the "condensates "and hydrocarbons derived from gases.
Photo: Graphic Design
Written by Rafael Antolínez
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