OPEC

New Venezuelan Prices 

Venezuela's new price list, effective 1 August, broadly follows the guidelines set at last month's OPEC conference with regard to crudes which are comparable with Gulf heavy (27°API) and medium (31°API) crudes. At that conference OPEC decided, by majority decision, to lower Gulf heavy and medium type crudes by 50 cents/B and 20 cents/B respectively. However, the official prices of Venezuela's extra heavy crudes - which fall outside the...