Venezuelan first-half oil exports bring in 48.5 bln dollars

0 Comments | AFP, August, 2008

CARACAS (AFP) — Venezuela's oil exports totalled 48.47 billion dollars in the first half of this year, a figure 78 percent higher than for the same period in 2007, central bank figures released Wednesday showed.

The high number for the country's main source of income reflected record prices for oil over those six months.

Prices have declined sharply in recent weeks, and were currently around 114 dollars on world markets.

Venezuela's oil, which is of lower grade than the light crude fetching premium prices, was selling for an average 85 dollars a barrel in the first half of this year, 30 dollars more than during the same period in 2007. That figure has since declined in line with world prices.

Venezuelan Energy and Petroleum Minister Rafael Ramirez on...