Venezuela oil price drops to lowest level since 2012 even as Mid-East and Ukraine simmer
Venezuela's weekly oil basket fell to its lowest since June of 2012 as oil prices around the world moderated even as crises in Ukraine, Syria, Libya, Iraq and Israel boiled over as international oil markets seemed well-supplied. According to figures released by the Ministry of Energy and Petroleum, the average price of Venezuelan crude sold by Petroleos de Venezuela S.A. (PDVSA) during the week ending August 15 was US$ 91.95, down US$ 0.27 from the previous week's US$ 92.22.