CARACAS: Venezuela’s weekly oil basket price fell to a new low for 2015 as oil prices slipped in international markets on worries of an economic slowdown in China and stock market crashes spread around the world before stabilizing toward the end of the week.
According to figures released by the Venezuela Ministry of Energy and Petroleum, the average price of Venezuelan crude sold by Petroleos de Venezuela S.A. (PDVSA) during the week ending August 28 was $36.48, down $3.14 from the previous week’s $39.62.
WTI in New York averaged $39.83 — down $1.99 — for the week, while Brent crude traded in London averaged $44.41 — down $3.69 from the previous week.
According to Venezuelan government figures, the average price in 2015 for Venezuela’s mix of heavy and medium crude is $48.56 for the year.
Venezuela’s average oil price for 2014 was $88.42, down from 2013’s $98.08, 2012’s $103.42 and 2011’s $101.06, but higher than 2010’s $72.43, and much higher than 2009’s average price of $57.01, which the current average is well below.
In 2014, WTI averaged $93.06 while Brent averaged $99.61.
So far this year, Venezuela’s oil basket hit its highest price of $57.00 during the week ending May 15. Until this week sunk through it, Venezuela had set its 2015 low of $38.82 in the final week of January.
Venezuela’s basket set its highest weekly average on July 18, 2008, when it hit $126.46 before economies around the world began crashing under the weight of expensive oil and crashing sub-prime debt. By January of 2009, Venezuela’s oil basket had fallen to a low of $27.10 a barrel.
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