Venezuela Cuts Oil Price by $2
Associated Press
CARACAS, Venezuela —
Faced with growing pressures from competitors, Venezuela today dropped the price of its heavy crude oils by $2 per barrel, effective Aug. 1.
Minister of Energy and Mines Arturo Hernandez Grisanti made the announcement at a news conference, where he said that two other varieties of Venezuelan heavy crudes will drop in price by less than $2, for an average $1.95 drop in the price of heavy crudes.
Venezuela’s heavy crudes, which make up 72% of the country’s crude oil exports, are not covered by OPEC price agreements.
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