CARACAS : Venezuela’s weekly oil basket price continued to rise for a fourth week in a row as oil prices around the world went up on fears of further strife in the middle east as Saudi Arabia continued fighting against Iranian-backed rebels in neighboring Yemen at the mouth of the Persian Gulf.
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 April 17 was $50.34, up $2.17 from the previous week’s $48.17.
WTI in New York averaged $53.99 up $2.70 for the week, while Brent crude traded in London averaged $60.31 up $3.45 from the previous week.
According to Venezuelan government figures, the average price in 2015 for Venezuela’s mix of heavy and medium crude is now $45.53.
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 now below.
In 2014, WTI averaged $93.06 while Brent averaged $99.61.
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.
The United States is the largest importer of Venezuela’s oil exports.
According to the US Department of Energy, Venezuela was the fourth-largest supplier of imported crude oil and petroleum products to the United States behind Canada, Saudi Arabia, and Mexico. U.S. imports from Venezuela have been on an overall decline in recent years. In 2014, the United States imported an average of 793,000 barrels per day of crude oil and petroleum products from Venezuela, a decline of 49% from a decade ago.
