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Oil Price Rose in Venezuela After Attacks in the U.S.
Venezuelan crude oil was sold this week at an increased price of 23 U.S. dollars per barrel due to speculation in the aftermath of Tuesday's devastating terrorist attacks in the U.S., OPEC Secretary-General Ali Rodriguez said on Friday.
The one-dollar increase in the price of oil this week, from September 10-14, was due to the crisis in the U.S. and the action of speculators who "took advantage of the situation," he said.
The average price for September was 22.50 U.S. dollars, 90 cents more than in August.
OPEC's senior official indicated that on Tuesday, when the attacks in New York City and Washington D. C. occurred, oil prices went up three dollars on the international market.
OPEC will watch the market closely for the next two weeks before deciding what action to take at its next meeting scheduled for September 26, Rodriguez said.
Oil generates 70 percent of currencies in Venezuela and represents more than half of its budget, which was set up considering the price of a barrel of oil at 20 U.S. dollars.
According to official calculations of Venezuela, for every U.S. dollar increase in the oil prices, the annual income of the country grow by one billion dollars.
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