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Venezuela Oil Slips to $105.09
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 August 23 slipped to $105.09.
CARACAS -- Venezuela's weekly oil basket slipped 21 cents to $105.09 as summer driving season and tensions in the Middle East competed against turbulent world stock and bond markets around the world.
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 August 23 slipped to $105.09 from the previous week's $105.30.
WTI in New York averaged $105.71 -- down 91 cents -- for the week while Brent crude traded in London averaged $110.03 -- up 67 cents from the previous week.
According to Venezuelan government figures, the average price in 2013 for Venezuela's mix of heavy and medium crude is now $102.52. In 2012, Venezuela averaged $103.42, higher than 2011's $101.06, 2010's $72.43, and much higher than 2009’s average price of $57.01.
Benchmark WTI traded on the NYMEX averaged $94.23 for 2012 while Brent averaged $111.64 for the year. So far in 2013, WTI has averaged $96.70 while Brent has averaged $107.95. Prior to 2010, Brent had historically traded below WTI.
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.
The United States is the largest importer of Venezuela’s oil exports.
According to the US Department of Energy, the US imported 728,000 barrels a day from Venezuela in July and averaged about 731,000 barrels a day for the year through July. In 2012, US oil imports from Venezuela averaged 906,000 barrels a day.