Venezuela oil price falls below $40

The price Venezuela receives for its mix of medium and heavy oil fell back below $40 as markets and oil prices around the world collapsed on a surprise decision to leave the European Union by the UK, Latin American Herald Tribune reported. 

According to figures released by the Venezuela Ministry of Petroleum and Mining, the average price of Venezuelan crude sold by Petroleos de Venezuela S.A. (PDVSA) during the week ending July 1 was $39.75, down 41 cents from the previous week's $40.16. 

According to Venezuelan government figures, the average price in 2016 for Venezuela's mix of heavy and medium crude is now $31.15 for the year to date.

Venezuela's average oil price for 2015 was $44.65, down from 2014's $88.42, below 2013's $98.08, 2012's $103.42 and 2011's $101.06, 2010's $72.43, and even 2009’s average price of $57.01.

The United States is the largest importer of Venezuela’s oil exports.