The US decrease oil price in order to damage Russia and Venezuela. It was said on Thursday by the President Nicolas Maduro in his speech in front of the Council of Ministers of Venezuela. He expressed confidence that in the near future the oil price growth will be restored, having reminded that Venezuela requested emergency meeting of the OPEC for discussion of this issue. ‘What is the goal of the US and some of its allies that want to decrease oil price? To harm Russia and Venezuela that are the biggest oil producers,’ – stated the President. It comes out his speech that the government of Venezuela developed the plans tackling any situation of ‘the decrease of price’.
Average price of a barrel of the Venezuelan oil in the last week stopped at 82 USD, having fallen for 03 USD in comparison with the previous week. Experts note that the price fall continues five weeks in a raw. Bearing in mind the last week indicator, annual Venezuelan oil price comprises almost 95 USD that is significantly higher than the forecast of 60 USD set by the state budget for 2014. According to the last year results, annual price of Venezuelan oil was 99 USD.
Due to the official data, today Venezuela produces 03 millions barrels of oil per day, out of that 2.5 million are sent for export (mainly to the USA and China), that makes Venezuela the world’s fifth largest oil exporter. Besides, South American country has the largest petroleum resources reserve with an overall amount estimated to almost 300 milliards barrels. The largest part of oil lying down in the depth of Orinoco Petroleum Belt consists of heavy and extra heavy crude.
It should be remembered that the economy of Russian Federation in 2015 could go down even if the current oil price remains the same. This opinion was expressed by the Deputy Head of the Ministry of Economic Development Aleksey Vedev in his interview with journalists.
At the same time many experts say that possible fall of production is much more dangerous for Russia than the price fall. Price can still be recovered, while the return of leading position of Russian Federation on the market (having in mind current increase in oil production in Saudi Arabia and development of extraction of the shale oil in the USA) will be much more difficult.
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