OPEC

Venezuela Explains Price Decision

Venezuela, which has lowered the prices of its light and extra light crudes by an average of $1.75/B as compared with the $1.00/B reduction in Arabian Light decided upon at OPEC Geneva conference, has issued a statement explaining that the larger drop in Venezuela prices is due to the fact that Venezuelan light crudes were previously overpriced by around $1.00/B. The Venezuelan light are now priced in the $28.00 to $29.00/B bracket which puts them...