Economy 10-11-2017

Venezuelan crude rose 369.18 yuan per barrel this week

The Venezuelan oil basket this week averaged 369.18 yuan per barrel, which represents an increase of 18.43 yuan (5.25%) compared to the 350.75 that registered the previous week, reported Friday the Ministry for the Oil of that country.

The quotation represents an amount of 55.59 dollars per barrel, a price that was not reached since 2015, year in which averaged 44.64 dollars per barrel. While the average of the basket of reference of the Organization of Petroleum Exporting Countries (OPEC), a block of which Venezuela is a founding member, this week climbed 2.71 dollars and went from 58.41 to 61.12 dollars per barrel.

Also, the price of the West Texas Intermediate (WTI), of reference in the United States, won 2.58 dollars and closed at 56.83 dollars this week; while the European Brent marker rose 2.69 dollars and registered an average of 60.80 dollars per barrel.

The oil base explained that prices rose supported mainly by geopolitical tensions in the Middle East and the widespread perception that OPEC and other producers could extend the cut-off agreement until the end of 2018.

On the 30th another agreement will be reached

This issue will be debated on November 30 in Vienna, Austria, where OPEC and other producers will meet to evaluate the oil market and the possible extension of the agreement, which expires in March 2018. In its most recent report, OPEC It foresees a greater demand for crude oil in the next five years to the point of going from 95.4 million barrels per day (MBD) to 102.3 MBD by 2022.

Since September, the Venezuelan government began calculating its oil basket in yuan, as part of the basket of currencies announced by the Executive, to counteract the economic sanctions imposed by the United States and diversify transactions in currencies other than the dollar.

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