Venezuelan oil maintains an upward trend and ends at $ 69.65

Caracas .- The price of a barrel of Venezuelan crude maintained its upward trend and closed this week at 461.76 yuan (69.65 dollars), against 440.47 yuan (67.14 dollars) which was quoted between June 22 and 29, the Oil Ministry reported today.

In response to US financial sanctions against some government officials of President Nicolás Maduro, Venezuela announced in September that it was ceasing to use the dollar as a reference currency, which is why it began to offer the price of oil in the Chinese Mint, declared Efe.

The change applied by Venezuela for the calculation proposed this Friday is 6.63 yuan for one dollar, while last week it was 6.56 yuan per US currency.

Prices for the other three baskets have also risen, the Venezuelan Ministry of Oil, Manuel Quevedo, said.

The Organization of Petroleum Exporting Countries (OPEC) basket went from $ 72.76 to $ 75.24, the Texas Intermediate rose from $ 70.68 to $ 73.86, and the Brent from 76.41 to 77, 98 $.

In its latest report, OPEC reported that oil extractions in Venezuela fell to 1.39 million barrels of oil in May, 2.7% less than the previous month.

According to secondary sources cited by OPEC, Venezuela's production has dropped 21% since the third quarter of 2017.

Studies indicate that the Orinoco oil belt in Venezuela has about 300 billion barrels of oil. oil, making this region the largest proven reserve in the world.