Post by scumbuster on Jan 16, 2016 20:02:26 GMT -5
Venezuela's Ministry of Energy and Petroleum reports that the average price of Venezuelan crude sold by Petroleos de Venezuela S.A. (PDVSA) during the week ending January 15 fell 12.5% to its lowest level since 2003
CARACAS -- The price Venezuela receives for its mix of heavy oil continued tumbling this week, hitting a 12 year low as oil prices around the world continued falling on slowing demand and plentiful supply.
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 January 15 was $24.38, down $3.49 from the previous week's $27.87.
WTI in New York averaged $31.34 -- down $3.65 -- for the week, while Brent crude traded in London averaged $31.46 -- down $3.95 from the previous week.
According to Venezuelan government figures, the average price in 2016 for Venezuela's mix of heavy and medium crude is now $25.93 for the year to date.
Venezuela's average oil price for 2015 was $44.65, down from 2014's $88.42, below 2013's $98.08, 2012's $103.42 and 2011's $101.06, 2010's $72.43, and even 2009’s average price of $57.01.
In 2015, WTI averaged $48.86 -- just over half of 2014's $93.06 -- while Brent averaged $53.66 -- just over half of 2014's $99.61.
Historically, Venezuela's basket set its highest weekly average ever on July 18, 2008, when it hit $126.46 before economies around the world began crashing under the weight of expensive oil and disastrous sub-prime debt. By Christmas of 2008, Venezuela's oil basket had fallen to a daily low of $27.10 a barrel (those statistics go unreported by PDVSA during the lightly staffed Christmas holidays and are in the Latin American Herald Tribune's database but not included in the Ministry's database), making this week's $24.38 the lowest weekly average since 2003.
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 the month of October 2015, the United States imported an average of 802,000 barrels per day of crude oil and petroleum products from Venezuela, a decline of 49% from a decade ago.
Venezuela sends a large share of its oil exports to the United States because of the proximity and the operation of sophisticated U.S. Gulf Coast refineries specifically designed to handle heavy Venezuelan crude.
While U.S. imports of primarily crude oil from Venezuela have been on the decline, U.S. exports of petroleum products to Venezuela have increased largely because of Venezuela’s tight finances that leave it unable to invest and maintain its own domestic refineries.
Oil is the main export of Venezuela and provides most of the country's foreign currency.
As of 2015, Venezuela had nearly 298 billion barrels of proved oil reserves -- the largest in the world. The next largest proved oil reserves are in Saudi Arabia with 268 billion barrels and Canada with 173 billion barrels.
Venezuela reported to OPEC -- where Venezuela is a founding member -- that its production was 2.587 million barrels per day in November 2015. According to OPEC's calculations, Venezuela had average production of 2.369 million barrels per day in November 2015.
The U.S. Energy Information Administration (EIA) estimates that in 2013 net exports from Venezuela totaled just under 1.7 million barrels per day of crude oil and petroleum product.
CARACAS -- The price Venezuela receives for its mix of heavy oil continued tumbling this week, hitting a 12 year low as oil prices around the world continued falling on slowing demand and plentiful supply.
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 January 15 was $24.38, down $3.49 from the previous week's $27.87.
WTI in New York averaged $31.34 -- down $3.65 -- for the week, while Brent crude traded in London averaged $31.46 -- down $3.95 from the previous week.
According to Venezuelan government figures, the average price in 2016 for Venezuela's mix of heavy and medium crude is now $25.93 for the year to date.
Venezuela's average oil price for 2015 was $44.65, down from 2014's $88.42, below 2013's $98.08, 2012's $103.42 and 2011's $101.06, 2010's $72.43, and even 2009’s average price of $57.01.
In 2015, WTI averaged $48.86 -- just over half of 2014's $93.06 -- while Brent averaged $53.66 -- just over half of 2014's $99.61.
Historically, Venezuela's basket set its highest weekly average ever on July 18, 2008, when it hit $126.46 before economies around the world began crashing under the weight of expensive oil and disastrous sub-prime debt. By Christmas of 2008, Venezuela's oil basket had fallen to a daily low of $27.10 a barrel (those statistics go unreported by PDVSA during the lightly staffed Christmas holidays and are in the Latin American Herald Tribune's database but not included in the Ministry's database), making this week's $24.38 the lowest weekly average since 2003.
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 the month of October 2015, the United States imported an average of 802,000 barrels per day of crude oil and petroleum products from Venezuela, a decline of 49% from a decade ago.
Venezuela sends a large share of its oil exports to the United States because of the proximity and the operation of sophisticated U.S. Gulf Coast refineries specifically designed to handle heavy Venezuelan crude.
While U.S. imports of primarily crude oil from Venezuela have been on the decline, U.S. exports of petroleum products to Venezuela have increased largely because of Venezuela’s tight finances that leave it unable to invest and maintain its own domestic refineries.
Oil is the main export of Venezuela and provides most of the country's foreign currency.
As of 2015, Venezuela had nearly 298 billion barrels of proved oil reserves -- the largest in the world. The next largest proved oil reserves are in Saudi Arabia with 268 billion barrels and Canada with 173 billion barrels.
Venezuela reported to OPEC -- where Venezuela is a founding member -- that its production was 2.587 million barrels per day in November 2015. According to OPEC's calculations, Venezuela had average production of 2.369 million barrels per day in November 2015.
The U.S. Energy Information Administration (EIA) estimates that in 2013 net exports from Venezuela totaled just under 1.7 million barrels per day of crude oil and petroleum product.