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Andean Group - December 2014 (ISSN 1741-4466)
ECONOMY: Crisis
January 2015 futures for West Texas Intermediate (WTI), the reference barrel for the Venezuelan oil basket (which trades at a discount of US$5-US$7 to WTI), were trading at a new five-year low of US$55 per barrel (/b) on 17 December , while Brent crude fell below US$60/b for the first time since July 2009. Venezuela’s approved 2015 budget is based on an average oil price of US$60/b. Market analysts calculate that the Saudi Arabian leadership of the world’s main oil producing cartel, the Organisation of Oil Exporting Countries (Opec), is looking for oil to settle at around US$60/b in the next year, which might slow down the US shale gas boom and restore some equilibrium to global markets. Saudi Arabia can handle lower oil prices for an extended period – Venezuela cannot.
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