Monday , October 18 2021

Venezuelan raw closed the week at $ 61.03 per barrel



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Caracas.– The price of the Venezuelan oil basket, as the raw markers worldwide, fell in the sixth consecutive week.

The Petroleum Ministry reported on its website that the local commodity had contracted $ 3.91 a barrel, which contributed its contribution this week to $ 61.03 compared with those reported in the previous week from 5 to 9 November, at $ 64.94.

The company revealed in its statistical table that the price of oil went from 448.73 to 424.20 yuan, equivalent to a decrease of 24.53 yuan per barrel. By converting this Chinese currency to dollars – equivalent to 6.9090 and 6.9506 dollars for each week – it is necessary that Venezuelan crude oil barrels have slipped from 64.94 to 61.03 dollars during that period.

Similarly, the Ministry informed, in preliminary figures, the construction of crude oil of international reference. Specifically, OPEP Basket (Organization of Petroleum Exporting Countries) decreased $ 3.90 by moving from $ 71.00 to $ 67.10 during the study period; WTI also contracted $ 4.46 when moving from 62.16 to 57.70 per barrel while Brent fell by 4.47 when the value of its barrel was reduced from $ 72.17 to $ 67.70.

Any cut

At a meeting in Abu Dhabi where an oil market monitoring committee was held between members and non-OPEC member states, oil producers noted that production growth in 2019 would be higher than world demand, and therefore they would study "the options to make adjustments to production that may require new strategies to balance the market ".

OPEC and its partners discussed a proposal to reduce raw production by up to 1.4 million barrels per day in 2019 to avoid overcrowding that weakened prices.

In the Venezuelan case, in October, 1 171 000 barrels of crude oil pumped a day, according to the organization's latest report.
The latest available official statistics are the 1,344 million barrels per day communicated by Caracas for September, 200,000 more than the secondary sources calculated for that month.

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