Venezuela Commodities

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Venezuela: Downward spiral in Venezuelan oil prices continues in September

October 1, 2014

In September, the average price of Venezuela’s mix of crude oil fell 2.7% over the previous month to USD 89.3 per barrel, which represented the lowest price since February 2011. The monthly decline, which followed the 4.6% decrease recorded in August and represented the third consecutive monthly drop in oil prices, mainly reflected a strong U.S. dollar, ample availability of oil in the international markets and weaker global economic prospects.

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 August, which was virtually unchanged from the 2.33 mbpd tallied in July.

LatinFocus Consensus Forecast panelists expect oil prices to average USD 96.6 per barrel this year, which is up USD 0.3 per barrel over last month’s projection. In 2015, the panel sees oil prices rising to USD 96.9 per barrel.


Author: Ricard Torné, Lead Economist

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Venezuela Commodities September 2014

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


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