Venezuelan oil basket up USD 106.99
In a week it shot up USD 2.07, according to data supplied by the ministry
Last week rebound stood for USD 1.97%, as in the previous week, the Venezuelan oil basket was traded at USD 104.92 per barrel.
"The prices of most crude oils ended the week upwards mainly due to optimism as to the performance of the global economy and geopolitical strained situation in the Middle East," the ministry broke down.
Thus far this year, the Venezuelan crude oil basket averages USD 103.20 per barrel.
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.