(Energy Analytics Institute, Piero Stewart, 15.Sep.2015) – “A $40 per barrel oil price is not a low price for Venezuela,” says Ramon Espinasa, oil economist at the Inter-American Development Bank (IDB), from Washington during an interview broadcast by Venezuelan radio station 99.9 FM.
Venezuela’s oil sector is able to maintain operations with an oil price lower than $40/bbl, but better efficiency is required, says Espinasa.
“Venezuela first four major heavy oil upgrading projects developed in with oil prices much lower than $40 per barrel,” he concluded.
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