The price of Venezuelan crude oil ended the week at $51.26, down $6.27 from Monday. The Ministry of Oil and Mining released the official figures in an announcement today in which it also said:

In a week characterized by volatility, oil prices continued to drop as a result of a perceived slowdown of global demand during the next few months, and an increase in production in some countries.

The average price for a barrel of Venezuelan oil so far this year is $89.74, down from $98.09 in 2013 and $103.42 in 2012.

National Assembly Poised to Appoint New National Electoral Council

The National Assembly deferred a vote on appointing new members to the Consejo Nacional Electoral [National Electoral Council], the country’s election-regulation body.

The country’s legislature will also vote on who will be in charge of the Public Ministry, the Comptroller General’s Office, and the Office of the People’ Defender.

Cabello clarified that if the National Assembly could not agree on the issue, the matter would be handed over to the nation’s top court, which would then make the necessary decisions.

Ramirez: We Will Denounce the U.S.

Foreign Affairs Minister Rafael Ramirez said today that the Venezuelan government would denounce the sanctions signed into law this week by the United States before international bodies. Ramirez said:

Wherever possible, we will continue to unmask the North American policy towards the region because, through Venezuela, they’re trying to have an affect on the axis of renewal and change in the region.

He also said that Maduro was working on a plan to “respond to the situation”, and that the U.S. sanctions will only work to “promote fascist acts” in the country.

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