Venezuelan oil down to USD 107.09 per barrel
The Venezuelan oil basket reported a USD 1.66 drop per barrel in February 18-22
The result represents a 1.5% drop (USD 1.66) in the oil price per barrel after four weeks of soaring prices.
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.