Venezuela Commodities


Venezuelan oil prices recover some lost ground in December

In December, the average price of Venezuela's mix of crude oil rose 3.0% over the previous month to USD 97.3 per barrel. The reading contrasts the 3.7% drop recorded in November, which had marked the lowest price since June 2012. The increase comes in the wake of a positive flow of economic news from China and the United States.

According to the latest report from the Organization of Petroleum Exporting Countries (OPEC), Venezuelan oil production reached 2.33 million barrels per day (mbpd) in December, which was broadly in line with the 2.36 mbpd tallied in the previous month.

LatinFocus Consensus Forecast panelists expect oil prices to average USD 97.3 per barrel this year, which is unchanged over last month's projection. In 2015, the panel sees oil prices rising to USD 98.3 per barrel.

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Venezuela Commodities Chart

Venezuela Commodities December 2013

Note: Price of the Venezuelan mix of crude oil in USD per barrel.
Source: Ministry of Petroleum and Mining.

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