The average price of Venezuela's oil basket rose $4.50/barrel to $97.27/b in the week of July 16-20, the country's Oil and Mining Ministry said Friday. The price in the previous week was $92.77/b.
The publication earlier this week of favorable economic data in China and the US, coupled with geopolitical tensions in the Middle East and the rise of the euro against the dollar were the main factors behind the increase in the prices of the country's main crude grades over the past week, the ministry said.
The monthly average for July is $94.30/b, compared with $105.94/b in the year-ago period, the ministry said. The year-to-date average fell to $106.43/b in the most recent week from $106.77/b a week earlier, it added.
The basket price reference is an average of 70% crude oil (light, medium and heavy) and 30% refined products. The crude oil includes the Bachaquero, Boscan, Laguna, Merey, Mesa 30, Santa Barbara and Leona 24 grades. The refined products include asphalt, gasoil, gasoline, jet fuel, naphtha and residual fuel.
