Venezuela Commodities


Price of Venezuelan oil increases slightly in April

In April, the average price of Venezuela's mix of crude oil rose 0.8% over the previous month to USD 96.7 per barrel. The reading, which contrasted the 1.6% decrease recorded in March, mainly reflected the escalating political tension between Russia and the West and the fact that crude stockpiles in the United States were lower than expected.

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 March, which was broadly in line with the 2.33 mbpd tallied in the previous month.

LatinFocus Consensus Forecast panelists expect oil prices to average USD 96.2 per barrel this year, which is unchanged over last month's projection. In 2015, the panel sees oil prices rising to USD 97.9 per barrel.

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Venezuela Commodities Chart

Venezuela Commodities April 2014

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

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