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Caracas, Friday February 22 , 2008  
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Venezuelan oil price hits unprecedented level

Venezuela' crude oil export price soared USD 3.84 to a weekly average of USD 90.13 (compared to USD 86.29 last week), thus hitting a new record, said the Ministry of Energy and Petroleum on Friday.
 
"Average crude oil prices remained strong this week, hitting new historic high levels," said the Ministry on its official website, Efe reported.
 
The Ministry of Energy and Petroleum pointed to "the forecasts of temperatures below the normal in northeastern US," as well as "the explosion of a Texas-based refinery owned by Alon, supply outages in Russia and Nigeria, and weakening US dollar to the Euro and other currencies" as two major factors for the increased price.



 
 
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