OPEC AND OIL PRICES

Venezuela Raises Heavy Crude Prices, Imposes Premium on Lighter Crudes

Responding to the recent surge in demand for heavy crudes and to generally buoyant spot prices, Venezuela has announced an increase of 70 cents/B in the price of its heavy crudes those below 22° API, which are not subject to OPEC's price jurisdiction and the imposition of a similar premium on light and medium crudes, effective 15 July. Heavy crude prices were raised by 50-85 cents/B last...