Oil prices in Venezuela continued to drop and closed at a four-year low of 61.92 U.S. dollars per barrel this week, the Venezuelan Oil and Mining Ministry announced Friday.
Venezuelan crude has lost more than 30 dollars in the past three months, causing severe damage to the South American country's economy.
"During the last week, oil prices continued to fall in a market characterized by a large supply and a slow global demand, as well as the European Central Bank's decision to delay economic measures to the euro zone," said the ministry in its weekly statement.
In face of falling oil prices, Venezuelan President Nicolas Maduro has ordered all government institutions to cut a fifth of their expenses.
However, Maduro has assured that the cut in public spending will not affect social programs on education, health and food imports.