Venezuela's Oil Falls to $42.44

Posted by Joseph R. Fonseca
Sunday, January 11, 2015

Venezuela's petroleum export basket dropped to $42.44 per barrel this week from $47.05 last week to reach a 5-1/2-year low, the Petroleum Ministry said on Friday.

The South American OPEC member's basket, which includes crude oil and refined products, trades at a discount to other benchmarks because of its higher content of heavy oil.

Venezuelan oil prices averaged $88.42 last year, down from $98.08 in 2013.

The tumble in oil prices is a blow to Venezuela's finances as it struggles to cover arrears with companies, bond payments, arbitration awards, hefty social projects, and spending ahead of this year's parliamentary elections.

Global oil markets resumed their slide on Friday, with Brent and U.S. crude hitting April 2009 lows and ending down for a seventh straight week, although prices recovered from their lows after a sharp drop in the U.S. oil rig count.

(Writing by Alexandra Ulmer; Editing by Leslie Adler)
 

Categories: Energy Finance

Related Stories

Irish Consultancy Opens Its Doors for Offshore Wind, Subsea Markets

Iran's Strait Authority to Facilitate Passage Through Hormuz

Western Africa Import of Clean Petroleum Crashes 44% YOY

Current News

ABS Fortifies Digital, Remote Support for Offshore Energy

How JobMarineMan Is Building a Direct Crew Recruitment Ecosystem

Baltic Index Reaches One-Week High on Higher Capesize Rates

NYK Group’s ICO Launches Belgium’s First Shore Power Facility for RoRo Ships

Subscribe for Maritime Logistics Professional E‑News