Venezuelan oil basket drops USD 5.58 in a week

Venezuelan oil ended on Friday at USD 94.05 per barrel compared to USD 99.63 last week, a 5.60% fall

Last week, the Venezuelan oil ended at USD 99.63 per barrel (File photo)

EL UNIVERSAL

Friday June 08, 2012 01:26 PM

The Venezuelan oil basket lost USD 5.58 per barrel in the week that ended on Friday. Data disclosed by the Ministry of Petroleum and Mining show that the domestic crude oil hit USD 94.05, a 5.60% decline.

Last week, the Venezuelan oil ended at USD 99.63 per barrel, according to the website of the Ministry of Energy and Mining.

This year, the Venezuelan oil averages USD 110.27 a barrel.

Since April, the Venezuelan oil basket has been losing ground, similarly to hydrocarbons in the world. In April, the Venezuelan oil averaged USD 114.02 per barrel. Therefore, it has lost more than USD 20 in the last five weeks.

Oil prices have weakened in recent weeks amidst the debt crisis in the Euro zone and the bleak prospects for growth in the US and China.

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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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