However, Maduro stressed that welfare missions would continue despite dwindling oil prices. In 2013 and 2014, the Venezuelan oil averaged USD 98.08 and 88.42, respectively.

OIL

Venezuelan oil falls to USD 38 per barrel

President Nicolás Maduro made the announcement in a mandatory radio and television broadcast on Thursday

The price of the Venezuelan crude oil dropped USD 3.40 from last week (File photo)

ANA SOFÍA GÓMEZ |  EL UNIVERSAL

Thursday August 20, 2015  02:31 PM

The price of the Venezuelan oil hit USD 38 per barrel on Thursday, announced Venezuelan President Nicolás Maduro in a mandatory radio and television broadcast.

This represents a decline of USD 3.40 from last week, when crude oil stood at USD 41.40 per barrel.

However, Maduro stressed that welfare missions would continue despite dwindling oil prices. 

In 2013 and 2014, the Venezuelan oil averaged USD 98.08 and 88.42, respectively.