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CARACAS, Friday November 09, 2012 | Update
 
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HYDROCARBONS

Oil basket shrinks USD 1.18 in a week

Venezuelan oil basket closed at USD 96.38 per barrel this week

Ministry of Petroleum and Mining reported drop in Venezuelan oil basket price (File photo)
EL UNIVERSAL
Friday November 09, 2012  01:24 PM

Venezuelan oil basket closed at USD 96.38 per barrel this week, slipping USD 1.18, Venezuela's Ministry of Petroleum and Mining reported.

"This week, crude oil prices were impacted by persistent uncertainty over the global economy and its effects on oil demand, higher commercial inventories in the United States, and a stronger US dollar versus the euro," the ministry informed.

The yearly oil basket averages USD 104.45 per barrel.

Translated by Jhean Cabrera
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A simple reason: there is oil galore, would suffice to explain Guyana's actions. Another explanation lies in the little or none efforts made by the Venezuelan government to thwart the move by the Guyanese. This is certainly not a new problem, but a problem only recently highlighted because oil is involved. But what other resources does the disputed area hold? For most of us it is a section on the map with black and white stripes on it, a depiction of something distant, alien, a nothingness not worth paying much attention to in geography classes back in elementary school.

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