Oil Prices
Chavez Oil
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Edoardo Salazar

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Chavez OilChavez Oil - Site based on "Chavez Oil", i.e. the oil situation in Venezuela under Hugo Chavez's government. Information on the oil companies that got nationalized and which didn't and more. CITGO, Exxon Mobil, Hugo Chavez's history...

Information and current value of oil prices. The different factors influencing the price of crude oil, such as, the war on Iraq, OPEC politics, Venezuela situation and more.

Oil Prices

References to the petroleum prices are usually either references to the spot price of either WTI/Light Crude as traded on the New York Mercantile Exchange (NYMEX) or the price of Brent as traded on the Intercontinental Exchange. The price of a barrel (which is 42 gallons) of oil is highly dependent on both its grade and location. The vast majority of oil will not be traded on an exchange but on an over-the-counter basis, typically with reference to a marker crude oil grade that is typically quoted via pricing agencies.

Crude oil price (Click to enlarge)
Crude oil price

Oil demand is highly dependent on global macroeconomic conditions, so this is also an important determinant of price. Some economists claim that high oil prices have a large negative impact on the global growth. This means that the relationship between the oil price and global growth is not particularly stable although a high oil price is often thought of as being a late cycle phenomenon. Wikipedia

The Organization of Petroleum Exporting Countries was formed to maintain the price of oil at a level most beneficial to its membership considered as a whole, and is considered to be a cartel by most observers.

Check Venezuela's Energy and Oil Ministry website to check an archive of Venezuela oil prices, until last week.

The most relevant links we could find, placed here free

WTRG Economics - History and analysis, charts of crude oil prices. www.wtrg.com

Sign on San Diego - A news article about the current crude oil price. www.signonsandiego.com

Wikipedia - Additional information about crude oil, history of prices, charts and factors that determine the value of the oil barrel. en.wikipedia.org

Reuters - News article related to crude oil prices and OPEC. africa.reuters.com

Oil Price - Forecast on the price of crude oil. Also articles and charts related to the oil business. www.oil-price.net

Oil prices sometimes are impacted by political and social situations around the world, and in some cases, natural disasters. Hurricane Katrina, the war on Iraq, among with the political uncertainty in Venezuela (both countries members of OPEC) has been having a high impact on the oil prices. As a result of this, fuel prices on countries that import crude oil (like USA) has been increasing dramatically.

Gas price (Click to enlarge)
Gas price

Oil Prices in August 2007

  • On August 1, 2007, US crude reached a new intraday high of $78.77 a barrel after the Energy Information Administration announced that oil stocks in the US were below market expectations and refinery output had increased. Following further reflection the price later slid backwards. Wikipedia

  • The need for more OPEC oil is growing more urgent to avoid a worrying drop in global inventories faced with ever rising demand, the International Energy Agency said on Friday. Reuters (August 10, 2007)

  • On August 14, 2007, Venezuela Energy Minister Rafael Ramirez said Venezuela expects oil prices to stay at current levels; in spite that a couple of days ago, Venezuela's President Hugo Chavez said that oil prices were headed toward $100 per barrel and, according to him, that would be "unstoppable".

    Ramirez said during a televised interview that the average price for Venezuela's basket of crude oil and products was around $57 per barrel, adding that "prices will remain there". Sign on San Diego

Site structure created by Neil Villette Site written by Edoardo Salazar