Venezuelan barrel sheds USD 3.92; ends the week at USD 86.17
According to the Ministry of Petroleum and Mining, "prices continued their downward trend because of the crisis in the Euro zone"
The Venezuelan oil basket in one week was off USD 3.92, ending at USD 86.17 per barrel, as reported by the Ministry of Petroleum and Mining.
"Prices keep their downward trend in an environment that continues mainly under the pressure of the financial crisis in the Euro zone," they added.
This week, Minister of Petroleum and Mining Rafael Ramírez talked about suggesting the Organization of Petroleum Exporting Countries (OPEC) an oil price band of USD 80-100. However, he noted, "nobody wants to be at the bottom; we want the price on the band average USD 100."
The oil price thus far this year averages USD 107.86, that is, USD 57.86 above the value of USD 50 set in the 2012 budget.
Most of the excess goes to the so-called parallel spending, including the National Development Fund (Fonden).
With reporting by Mayela Armas H.
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."