Venezuela Commodities


Venezuelan oil prices stable in June

In June, the average price of Venezuela’s mix of crude oil recorded zero growth over the previous month, remaining at May’s price of USD 56.4 per barrel. The flat reading was notably below the 11.6% increase recorded in May.

According to the latest report from the Organization of Petroleum Exporting Countries (OPEC), Venezuelan oil production totaled 2.37 million barrels per day (mbpd) in June, which was slightly below May’s 2.38 million barrels per day.

The Venezuelan government relies heavily on oil revenues to balance its budget and to comply with its international obligations. Oil accounts for about 95% of Venezuela’s exports and for more than half of public sector revenues. The recent plunge in oil prices is expected to put additional pressure on the country’s battered finances. While the 2015 budget assumes an oil price of USD 60 per barrel, analysts point out that the government needs a breakeven oil price that is well above USD 100 per barrel and that the country loses USD 700 million a year for every USD 1 decline in oil prices.

LatinFocus Consensus Forecast panelists expect oil prices to average USD 69.1 per barrel this year, which is down USD 8.1 per barrel over last month’s projection. In 2016, the panel sees oil prices rising to USD 76.0 per barrel.

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Venezuela Commodities Chart

Venezuela Commodities June 2015

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

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