Venezuela: Oil prices continue to rise amid weaker dollar
February 10, 2011
In December, the average price of the Venezuelan mix of crude oils rose 6.8% over November to reach USD 82.35 per barrel (November: USD 77.10 per barrel) which, in fact, represented the highest monthly average recorded in 2010. The strong print was fuelled by positive economic developments in the United States as well as stronger demand in the northern hemisphere owing to below-average temperatures. Meanwhile, in November, Venezuelan oil production remained broadly stable. According to the December report from the Organization of the Petroleum Exporting Countries (OPEC), oil output averaged 2.25 million barrels per day (mbpd) in November, which was virtually unchanged over the 2.28 mbpd average recorded in October.