The average price of Venezuela’s oil basket fell 76 cents/barrel to $85.89/b for the week of September 29-October 3, the country’s Oil and Mining Ministry said Friday. The prices of the country’s main crude grades continued to fall, affected mainly by signals of a slowdown in the global economy and abundant supply of crude oil in the market, the ministry said. The monthly average for September was $89.27/b, compared with $103.75/b in September 2013. The monthly average for October is $85.89 /b, compared with $97.31/b in October 2013, the ministry said. The year-to-date average fell to $95.29/b in the most recent week from $96.23/b a week earlier. The basket price is an average of 70% crude oil (light, medium and heavy) and 30% refined products. The crude oil includes the Bachaquero, Boscan, Laguna, Merey, Mesa 30, Santa Barbara and Leona 24 grades. The refined […]