Venezuelan oil price increased 30% in four months

Venezuelan oil price increased 30% in four months

(AVN) – During the last four months, the price of Venezuelan crude oil has increased 15 dollars per barrel (30%), according to information provided by oil minister Eulogio Del Pino this Tuesday.

“The Venezuelan oil basket has exceeded the barrier of $ 55 per barrel; about four months ago it was around 40 or 41 dollars, which indicates that we have exceeded $ 15 per barrel,” he told to the Venezuelan News Agency (AVN).

Del Pino also pointed out that this increase is the result of the work done by the President of the Republic, Nicolas Maduro, in order to promote dialogue and union between the members of the Organization of Petroleum Exporting Countries (OPEC) and other major producers such as Russia.

“Thanks to the initiative of our President a year ago and that great international agreement, today we have a superior oil basket,” he said, regarding the agreement signed between OPEC and 11 external producers to reduce the extraction of the crude to 1.8 million barrels a day. This decision came into effect early this year and has allowed raising the price of this energy source.

Del Pino guaranteed that the Executive will continue promoting the extension of the agreement beyond the first quarter of 2018.

“We will continue to openly discuss the extension of this agreement; that is why the price of the Venezuelan basket already exceeds $ 55 dollars today (365 yuan), and we must continue to promote it,” he said.

The 14 members of OPEC will meet in Vienna, Austria, on November 30 in order to evaluate possible actions to help boost the price of crude oil and stabilize the market.

Since September, the Venezuelan government began calculating its oil basket in yuan, as part of the basket of currencies announced by the Executive, to counteract the economic sanctions imposed by the United States and diversify transactions in other currencies different from dollar.


No posts to display