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Venezuela.- The average price of the Venezuelan oil basket lost US $ 0.9 per barrel (dbp) during the week, while other markets fell for the second week in a row due to the reopening of ports in Libya and in view that Iran could continue to export crude despite US sanctions.
Venezuelan crude traded on average at 68.75 bps in the week of July 9-13, as against 69.65 bps the previous week, the oil ministry said in a statement on Friday, without detailing the reasons of the increase.
According to a Reuters poll, oil prices would remain solid for the remainder of 2018 and also in 2019 due to changes in the supply and because the additional supply of the Organization of the Countries oil exporters (OPEC) is insufficient.
Venezuela's oil, the main source of foreign currency in the South American country, has averaged 60.22 dbp since the beginning of the year. The level of 46.66 dbp in 2017
Despite the higher average price in 2018, oil revenues have fallen due to production problems, exacerbating economic recession and hyperinflation.
The government has since September expressed the selling price of its crude basket in Chinese yuan and not in dollars because of the financial sanctions imposed by the United States.
However, in his price table, he reports the current parity of the dollar against the yuan.
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