Venezuela and the increasing price of Oil

As I post in several post months ago, Venezuela, the country which I will spoke in my final project is one of the largest producers of oil on the world, a member of the OPEP (Organización de paises exportadores de petróleo), according to the Spanish initials.

Price per barrel of oil has been increasing in the last months, because it is expected that the demand for it will increase due to the recovery of many countries of the economic recession. Still, US stockpiles of crude oil have posted nine straight weekly increases. It held 354.2 million barrels on March 26, 6.5pc above the five-year average for the period, the US energy department said last week.
OPEP pumps about 40pc of the world's oil. It slashed output in January 2009 in order to prevent a glut. The group left its production targets unchanged when ministers met in Vienna on March 17.

Venezuela, is the group's sixth largest producer, is seeking a price band between $80 and $100 a barrel, Rafael Ramirez told reporters in Caracas on April 2. Prices are benefiting from OPEC's decision to maintain production restrictions, President Hugo Chavez said on state television on April 1.
So it seems that “ours” country economy will keep being good as far as the demand for oil do not drop again like in the summer of 2008 when the price reached almost 150$ per barrel.

Project advance

I decide to make this contribution to the blog our final project advances. Recently, our team made a homework which includes several aspects, mostly economic, about our country Venezuela. Before starting this project I did not know too much about this South American country, but know my knowledge and interest for Venezuela is bigger. One thing I learned was the scarcity of food that the Venezuelans are dealing with, and how this problem is making a lot of crimes are taking place on the markets by robbers that try to obtain food.

Now talking about more positive aspects about this beautiful country is the strong economic alliances they have, thanks to their great amount of oil. Venezuela has strong relation with the United States because of the oil that is exported to the U.S.A.

Hugo Chavez, president of Venezuela has negotiated with countries from Middle East in order to have a better development of technology, according on what we saw in our research, this do not makes happy president Obama and the United States because they think these agreements are related with nuclear weapons.

A lot of interesting things can be found when you start investigating deeply in a country you did not know too much. Venezuela is not an exception, it has also wonderful places to visit, a great number of customs and traditions, and also the most beautiful woman of the world in the Miss Universe contest had come from Venezuela, a great place with no doubt.

The Bolivarian Republic of Venezuela

My individual Reflection

It is officially titled Bolivarian Republic of Venezuela, is a tropical country on the northern coast of South America. It is a continental mainland with numerous islands located off its coastline in the Caribbean Sea. The republic won its independence from Spain in 1821.

It is a relatively big country, its capital is Caracas. Venezuela is known widely for its petroleum industry, the environmental diversity of its territory, and its natural features. Venezuela is considered to be among the world's 18 most biodiverse countries, featuring diverse wildlife in a variety of protected habitats. Venezuela is among the most urbanized countries in Latin America.

In my opinion, I think we are working well, and we have found pretty much everything we are asked for, but maybe we need to go deeper and find out more information concerning their political and social situation. We have found information about what good and bad in their economy, what source scarcity they face, etc

We have seen that Venezuela in a very interesting country, and has a very strong leader that has done things other one could't before, fo example, Hugo Chávez didn't submit to the U.S. abuse by making contracts with them where they would sell oil and very low prices to them, but he opposed and said that Venezuela's oil would be for the benefit of the Venezolanos.