Venezuelan oil exceeded 80 dollars a barrel
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Loading... - Dylan Reid
- 03 Mar 2022
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Venezuelan oil climbed above 80 dollars yesterday, pushed by geopolitical tensions between Russia and NATO, problems in the supply chains of capital and consumer goods, the continuity decided by Opec in raising only 400,000 barrels per day per month, and the demand for more hydrocarbons caused by the awakening of the economy of the industrialized in the face of the relief of the pandemic.
Prior to the closing of the markets, the Ministry of Petroleum showed on the screen various prices of national crude oil above 80 dollars, which marked an upward trend despite the fact that the United States had decided to evict 30 million barrels from its inventories, which were added to 30 millions of other oil-consuming nations interested in stopping the rise in prices.
The Organization of Petroleum Exporting Countries (OPEC) and ten other producing nations, including Russia, agreed last Wednesday to increase crude extraction by another 400,000 barrels per day (bd) for next April.
Russia's military response to the NATO military siege accelerated the already rising prices, which in the case of the Merey 16 had closed at 63 dollars in January, that is, yesterday's rise to 80 dollars represents an additional cost for the Venezuelan of 17 dollars in just one month. Read More…
