Venezuela Commodities


Venezuelan oil prices continue to rise

In August, the average price of Venezuela's mix of crude oil rose 1.1% over the previous month to USD 105.6 per barrel. The reading follows the 4.4% increase seen in July and marks the highest price since February. The increase came on the back of a number of international factors, including positive economic data from China, the European Union and the United States; increasing political tensions in the Middle East; and a sharp drop in Libya's crude exports.

According to the latest report from the Organization of Petroleum Exporting Countries (OPEC), Venezuelan oil production reached 2.35 million barrels per day (mbpd) in August, slightly above the 2.34 mbpd tallied in the previous month.

LatinFocus Consensus Forecast panelists expect oil prices to average USD 100.4 per barrel this year, which is unchanged over last month's projection. In 2014, the panel sees oil prices rising to USD 101.1 per barrel.

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Venezuela Commodities Chart

Venezuela Commodities August 2013

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

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