Venezuela Commodities


Venezuelan oil price drops to four-month low

In November, the average price of the Venezuelan mix of crude oils declined 3.7% over the previous month to USD 96.7 per barrel. The November reading followed the 2.6% drop tallied in October and marked, in fact, the lowest level seen since July.

Early in the month, oil prices were dampened by the impact of hurricane Sandy in the East Coast of the United States. In addition, oil prices remained subdued due to the uncertainty surrounding the recovery in the global economy. According to the latest report from the Organization of Petroleum Exporting Countries (OPEC), Venezuelan oil production reached 2.34 million barrels per day (mbpd) in October, up from the 2.32 mbpd seen in September.

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