GENERAL

Venezuela Raises Heavy Crude Prices

Although no official announcement has been made, Venezuela's national oil company Petroleos de Venezuela is reported to have raised the f.o.b. sales prices of its extra heavy crudes which are not subject to OPEC price regulation - by between 50 and 85 cents a barrel. The biggest increases of 75-85 cents/B are applicable to the heaviest grades rated at 10 to 13° API. Effective 8 June, the new prices for the main extra heavy crudes are...