Venezuelan first-half oil exports bring in 48.5 bln dollars

Venezuela's oil exports totalled 48.47 billion dollars in the first half of this year, a figure 78 percent higher than for the same period in 2007, central bank figures released Wednesday showed. The high number for the country's main source of income reflected record prices for oil over those six months. Prices have declined sharply in recent weeks, and were currently around 114 dollars on world markets. Venezuela's oil, which is of lower grade than the light crude fetching premium prices, was selling for an average 85 dollars a barrel in the first half of this year, 30 dollars more than during the same period in 2007. That figure has since declined in line with world prices. Venezuelan Energy and Petroleum Minister Rafael Ramirez on Tuesday said his country would propose OPEC production cuts if prices continue to fall. According to the central bank, overall imports into Venezuela -- chiefly food -- grew 13 percent over the first half of last year to 21.6 billion dollars. The higher income from oil exports meant the current account balance to June showed a 26.55-billion-dollar surplus -- nearly three times the amount recorded January-June 2007.