Venezuela: Oil prices continue to grow due to a weaker dollar
January 10, 2011
In November, the average price of the Venezuelan mix of crude oils increased 3.6% over October to USD 77.00 per barrel (October: USD 74.32 per barrel. The print represented the third consecutive monthly price increase and, as a result, prices are now well above the average USD 66.36 per barrel registered in August. The monthly price hike was buttressed by more upbeat expectations regarding oil demand, fuelled by prospects of sustained growth in China and India as well as by stronger-than-expected growth in Japan and Germany. Meanwhile, Venezuelan oil production remained stable in October. According to the November report from the Organization of the Petroleum Exporting Countries (OPEC), oil output averaged 2.28 million barrels per day (mbpd), which was virtually unchanged over the 2.27 mbpd average output recorded in September.