Wednesday , June 23 2021

Venezuelan oil drops for the fifth consecutive week and closes to $ 64.95



The price of Venezuelan raw fell for the fifth consecutive week and closed at 448.73 yuan ($ 64.95) compared with 476.72 yuan ($ 68.55) of the last cut, the department of oil reported on Friday.

In response to the economic sanctions in the United States against certain officials of the National Council, Venezuela announced in 2017 that it stopped using the dollar as the reference currency and continued to report the price of its oil in the Chinese currency.

(Also read: England denies Venezuela repatriation of 14 tons of gold)

The Ministry of Petroleum also reported the other three baskets, which in the same way experienced adversities.

Crude oil in the Organization of Oil Producing Countries (OPEC) It stood at 71 dollars, while WTI at 62.16 and Brent at 72.17, all with falling over 3 dollars in their price.

The country's oil production, which has the largest proven reserves of crude oil in the world, is at the lowest level of the last three decades, with the exception of several months between the end of 2002 and the beginning of 2003, when a strike at the state-owned petroleum company Petróleos de Venezuela (PDVSA) dropped the pump to less than 100,000 barrels a day.

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