Venezuela Oil Price Barely Budges Off 6 Year Low

Venezuela's weekly oil basket rose slightly off a 6 year low as oil prices around the world bounced off the previous week's collapse. According to figures released by the Venezuela Ministry of Energy and Petroleum, the average price of Venezuelan crude sold by Petroleos de Venezuela S.A. (PDVSA) during the week ending November 27 was $34.93, up 37 cents from the previous week's $34.46.  WTI in New York averaged $42.52 -- up $1.63 -- for the week, while Brent crude traded in London averaged $45.45 -- up $1.27 from the previous week. According to Venezuelan government figures, the average price in 2015 for Venezuela's mix of heavy and medium crude is now $46.07 for the year. Venezuela's average oil price for 2014 was $88.42, down from 2013's $98.08, 2012's $103.42 and 2011's $101.06, but higher than 2010's $72.43, and much higher than 2009’s average price of $57.01, which the current average is well below. More…