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
According to inner surveys performed by the Venezuelan Association of Metallurgical and Mining Industries (AIMM), where 160 metallurgic companies were taken into consideration, 90% of the companies members of this association are "distressed because of their existence or survival in the short term," stated Manuel Eseverri, president of this association.