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The Venezuela’s oil price fell this Friday below $ 10, to $ 9.9 a barrel, at its worst levels in the last two decades, amid the emergency for the new coronavirus.
The Oil Ministry reported that the price of crude oil was 70.62 yuan between Monday and this Friday, a price that is at levels of 1998, when the annual average was $ 9.38.
Since 2017, the Nicolás Maduro government has announced the figures in yuan and not in dollars after a battery of sanctions issued by the United States.
The weekly price is well below the annual average of 2019, when it stood at $ 56.70 a barrel, and in 2018, at $ 61.41.
Since 2014, when oil prices began to fall, the economic crisis that the oil country is experiencing has worsened and has caused the exodus of 4.9 million people since the end of 2015, according to the UN.
Venezuela’s income, with an economy reduced by more than half in six years, The vast majority come from oil.
After years of lack of investment, bad business and corruption, according to experts, the production of the state oil company PDVSA fell to the ground and is at the levels of the mid-1940s.
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