According to the Ministry of Petroleum, Venezuelan crude averages 57.36 dollars or 404.42 yuan so far this year. Also, the exchange rate offered by the ministry for this week’s calculations was 7.05 yuan for every U.S. dollar.
In 2017 Venezuela stopped using the dollar as a reference currency and began to offer the price of its oil in the currency of China, one of its major political and commercial allies.
The entity also reported on the prices of the three reference oil baskets, including the barrel of the Organization of Petroleum Exporting Countries (OPEC), of which Venezuela is a founding member, which closed with an increase from 58.80 to 59.92 dollars.
Similarly, also with small increases, the WTI was from 55.25 dollars to 55.69 and the Brent from 59.22 dollars to 59.73. According to the report, in recent months Venezuelan production has stabilized around a pumping of about 700,000 barrels per day (bd).
The severe economic recession, the political crisis in the country and the U.S. sanctions on the oil industry have taken Venezuelan crude oil production to its lowest level in the last three decades.
L.Sáenz
Source: Banca & Negocios
