Venezuela: Iraqi conflict drives Venezuelan oil price to nine-month high
June 30, 2014
In June, the average price of Venezuela’s mix of crude oil rose 1.8% over the previous month to USD 99.1 per barrel, which represented the highest price since September 2013. Venezuelan oil prices exceeded the USD 100 per barrel threshold for the first time since mid-September of last year. The reading, which followed the 0.6% increase recorded in May, mainly reflected the increase in military tension in Iraq.
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 May, which matched the previous month’s result.