April 14, 2021

Venezuelan oil falls again and closes the week at $ 58.83

The price of Venezuelan oil fell again and closed the week at 404.22 yuan or $ 58.83, a loss of $ 1.87 compared to 417.07 yuan or $ 60.70 in which the period was quoted earlier, the country's Ministry of Petroleum reported Friday.

According to the same ministerial report, Venezuelan crude averages 411.56 yuan or $ 59.90 during this month of July, and 406.32 yuan or $ 59.14 so far this year.

The exchange rate to make these calculations is 6.87 yuan per dollar, a value that is maintained for the third week in a row.

After the financial sanctions that the United States imposed in 2017 against some government officials of Nicolás Maduro, Venezuela stopped using the dollar as a reference currency and began offering the price of its oil in the currency of China, one of its largest political allies and commercial.

Venezuela also reported the prices of the three reference oil baskets, which also suffered a setback: the Opep barrel went from $ 65.60 to $ 64.05, the WTI from $ 57.90 to $ 56.01 and Brent from 64.63 to 63.23 dollars.

According to the oil market report that Opep presented two weeks ago, in which it cites secondary sources, Venezuela's oil production fell 2.13% (16,000 barrels per day) between May and June, to settle at just 734,000 barrels per day. (bd)

The report shows two months in a row of contraction in Venezuelan oil production, after a slight recovery in April.

For their part, Venezuelan authorities report a pumping of 1,047 million barrels per day in June, similar to May values.

The severe economic recession, the political crisis in the country and the sanctions that the United States on its oil industry has brought Venezuelan oil production to its lowest level in the last three decades, with the exception of the crash in 2002 and 2003, when a strike in the state-owned Petróleos de Venezuela (PDVSA) sank the extractions below 100,000 bd.

. (tagsToTranslate) Venezuelan oil (t) (t) returns (t) closes (t) dollars

Source link