Venezuela Commodities


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.

LatinFocus Consensus Forecast panelists expect oil prices to average USD 96.6 per barrel this year, which is unchanged over last month’s projection. In 2015, the panel sees oil prices rising to USD 98.4 per barrel.

Author: Ricard Torné, Lead Economist

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Venezuela Commodities Chart

Venezuela Commodities June 2014

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

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