Venezuela Commodities


Venezuelan oil prices decline in September

In September, the average price of Venezuela's mix of crude oil fell 1.7% over the previous month to USD 103.8 per barrel. The reading contrasts the 1.1% increase seen in August and marks the lowest price in three months. The decline came on the back of reduced geopolitical tensions in Syria and a rebound in Libya's crude exports.

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 September, slightly below the 2.35 mbpd tallied in the previous month.

LatinFocus Consensus Forecast panelists expect oil prices to average USD 100.4 per barrel this year, which is up USD 0.1 per barrel over last month's projection. In 2014, the panel sees oil prices rising to USD 100.6 per barrel.

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Venezuela Commodities Chart

Venezuela Commodities September 2013

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

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