01:08 GMT +316 October 2019
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    Venezuela’s President Nicolas Maduro

    Venezuela Oil Price Hits 12-Year Low

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    Maduro said that Venezuela’s oil price has dropped to $24 a barrel, the lowest mark in 12 years.

    MEXICO (Sputnik) — Venezuela’s oil price has dropped to $24 a barrel, the lowest mark in 12 years, Venezuelan President Nicolas Maduro said.

    "For the first time in 12 years, Venezuelan oil costs $24 per barrel, the lowest level in nearly a decade and a half, which was the result of an oil war, and we have to go back to the original situation," Maduro said on Tuesday, as quoted by the Noticias news portal.

    The Venezuelan head added that he had already contacted the Minister of Petroleum of Venezuela Eulogio Del Pino to carry out appropriate measures in the Organization of the Petroleum Exporting Countries' to recover oil market.

    According to experts, up to 96 percent of Venezuela’s budget depends on oil revenues, which has a negative impact on the socio-economic situation in the country.

    Brent crude reached a 12-year low majorly due to prolonged global oversupply and the OPEC unwillingness to cut production out of fear of losing market share.


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