The price of the basket of Venezuelan oil Friday reached an average weekly record of 58.16 dollars per barrel at the end of the trading session, the Energy and Petroleum Ministry (MEP) said.

The price of Venezuelan petroleum reported an increase of 2.92 dollars from last week's 55.24 dollars per barrel, said the ministry.

MEP figures said that this year, the average price of the Venezuelan oil stood at 43 dollars, above the average of 32.61 dollars of 2004.

Meanwhile, the reference basket of the Organization of Petroleum Exporting Countries (OPEC) reported a weekly average price of 60.58 dollars, which represents a rise of 90 cents from the week before.

This price rise came after 26 countries around the world agreed to release strategic reserves as a way to respond to the aftermath of hurricane Katrina which has ravaged the US states in the Gulf of Mexico zone.

This zone has ceased to produce 1.5 million barrels and refine 2 million barrels a day, according to the International Energy Agency (IEA).

The IEA said on Friday that two million barrels are to be released from strategic reserves a day.

Source: Xinhua