Venezuelan oil basket falls to USD 95.86
The country's oil basket is down for the forth consecutive week. It slipped 0.5%
The average price of oil in 2012 is USD 104.24 per barrel.
The ministry explained, "Price performance of main oil baskets' was mixed this week amid geopolitical tensions in the Middle East and contradictory news on the global economy."
This week, the OPEC oil basket rebounded USD 1.04 and ended at USD 106.24 per barrel; Brent crude oil rose USD 1.65 reaching the USD 109.46 floor per barrel while the WTI suffered a USD 0.12 setback and ended at USD 85.76 per barrel.
With reporting by Ernesto J. Tovar
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.