OPEC AND OIL PRICES

New Price Formula in Venezuela 

Venezuela has introduced a new market-related crude price formula with effect from 4 March. Although full details are not yet available, the new base f.o.b. prices have been set for Venezuelan export crudes, which will now move automatically, upwards or downwards, in line with changes in the posted prices of West Texas Sour crude, as measured by an average of prices posted by five companies - Marathon, Citgo, Conoco, Phillips and...