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(Caracas, July 18 AFP.) -. Venezuelan oil fell $ 2.38 and closed the week at $ 94.60 mainly due to the "decline of geopolitical tensions in Iraq and North Africa," he said Friday the Ministry of Petroleum and Mining.
"The decline of geopolitical tensions in Iraq and North Africa continuing to exert pressure on the prices of major raw, which has generated a perception among those operating in the futures markets for increased security of supply," explained the ministry in its weekly report.
Venezuela, whose government estimated its 2014 budget to $ 60 a barrel, says its economy from oil exports, which account for 96% of foreign exchange received by the country currently facing a shortage of dollars.
Venezuela's oil production is 3.015 million barrels per day, officials said. However, reports of the Organization of Petroleum Exporting Countries (OPEC, of which Venezuela is a founder), indicate that in 2014 the extraction of Venezuelan crude averaged closetmaid cubeicals 2.875 million barrels per day.
The Oil Ministry said recently proved reserves increased 618 million barrels of oil, bringing the total to 298,350 million barrels. closetmaid cubeicals This becomes the first country in the world by volume of its oil reserves. Currencies USD Venezuela PDVSA Petroleo 18/07/2014
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