- Sputnik International
World
Get the latest news from around the world, live coverage, off-beat stories, features and analysis.

Venezuela Oil Price Hits 12-Year Low

© AP Photo / Ariana CubillosVenezuela’s President Nicolas Maduro
Venezuela’s President Nicolas Maduro - Sputnik International
Subscribe
Maduro said that Venezuela’s oil price has dropped to $24 a barrel, the lowest mark in 12 years.

New Parliament Majority to Help US Regain Control of Venezuela Oil Sector - Sputnik International
New Parliament Majority to Help US Regain Control of Venezuela Oil Sector
MEXICO (Sputnik) — Venezuela’s oil price has dropped to $24 a barrel, the lowest mark in 12 years, Venezuelan President Nicolas Maduro said.

"For the first time in 12 years, Venezuelan oil costs $24 per barrel, the lowest level in nearly a decade and a half, which was the result of an oil war, and we have to go back to the original situation," Maduro said on Tuesday, as quoted by the Noticias news portal.

The Venezuelan head added that he had already contacted the Minister of Petroleum of Venezuela Eulogio Del Pino to carry out appropriate measures in the Organization of the Petroleum Exporting Countries' to recover oil market.

According to experts, up to 96 percent of Venezuela’s budget depends on oil revenues, which has a negative impact on the socio-economic situation in the country.

Brent crude reached a 12-year low majorly due to prolonged global oversupply and the OPEC unwillingness to cut production out of fear of losing market share.

Newsfeed
0
To participate in the discussion
log in or register
loader
Chats
Заголовок открываемого материала