Venezuelan oil sheds USD 6.62 to USD 107.41

Venezuelan crude oil and byproducts average USD 112.36

The Venezuelan oil basket plunged this week (File photo)

EL UNIVERSAL

Friday May 11, 2012 12:24 PM

The Ministry of Petroleum and Mining reported on Friday that the Venezuelan oil basket edged USD 6.62 to USD 107.41 in May 7-11, 2012. The annual price of the Venezuelan oil basket averages USD 112.36 per barrel.

The slump was also felt in other oil benchmarks in the world oil market. The basket of the Organization of Petroleum Exporting Countries (OPEC) slipped USD 6.32 back to USD 110.37; the US WTI edged USD 7.27 lower to USD 97.47 and the European Brent was off USD 5.65, sliding to USD 113.

"This week, the price of major crude oils ended downwards upon renewed concerns about the performance of the global economy and its implications on the crude oil demand, as well as a hike higher than expected of US crude oil inventories," the ministry reasoned.

With reporting by Ernesto J. Tovar.

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The dialogue experience

José Vicente Rangel clearly said: "We are not conducting negotiations threatened with a gun in the head." He warned behind closed doors in the midst of the social upheaval occurred during the oil strike in 2002 and 2003. Dissenting Timoteo Zambrano answered back that no other option was available: "The thing is that otherwise, you do not negotiate."

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