OPEC AND OIL PRICES
Venezuela Cuts Heavy Crude Prices
Venezuela has announced cuts in the official prices of its extra heavy crudes by between $0.80 and $1.47 per barrel with effect from 1 January 1986. The API gravities of the extra heavy crudes in question, whose prices are not covered by OPEC rules, range between 10° and 20.6°. The official prices of Venezuela's medium/heavy and light crudes remain unchanged.
The Venezuelan move follows Mexico's recent announcement of...