Venezuelan oil basket falls to USD 95.64
The Venezuelan oil basket averages USD 109.65 to date
The Venezuelan oil basket ended on Friday at USD 95.64 per barrel, 2.1% below USD 97.72 last week, the Venezuelan Ministry of Petroleum and Mining informed. The outcome is that the Venezuelan oil basket's annual average price stands at USD 106.65.
"Weekly average prices in the main oil indicators finished downwards. Economic problems in Europe and a standstill in the negotiations to avoid a fiscal crisis in the United States led to a high volume of contract sales in New York and London's markets."
In details, the OPEC's (Organization of Petroleum Exporting Countries) oil basket went down to (USD 105.28); WTI averaged USD 85.99, and Brent amounted to USD 107.95.
With reporting by Ernesto J. Tovar
President Nicolás Maduro is not only the heir to the throne, but also to an economic crisis which demanded urgent measures to rectify the course. The crisis showed up in two aspects: a 50% inflation estimate, and shortage of staples ranging between 70% and 98%. These issues might hit the President's poor popularity; considering his feeble electoral victory of 1% over his challenger.