Oil Reaches Highest Price in Six Years

Oil price topped at $77.16 in the world market after Brent and West Texas Intermediate crude reported the highest levels in recent years.

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It is estimated that the current growing trend will reach a 50 percent increase compared to last year, but experts warn that a rise in oil prices can hinder the recovery from the COVID-19 pandemic and boost inflation worldwide.

According to the Organization of the Petroleum Exporting Countries (OPEC +), by the second half of 2021, there will be a demand of 5 million barrels per day. Venezuela has increased its oil exports by 66 percent during June, thanks to a record amount of shipments sent to China and the expansion of sales of improved crude.

According to the authorities, the increase in Venezuelan crude exports is derived from the increase in production thanks to the restart of a crude upgrader operated by the companies Petróleos de Venezuela (PDVSA), TotalEnergies, and Norway's Equinor. Venezuela's Oil Minister, Tareck El Aissami, said that the nation intends to quadruple production by the end of 2021.