Venezuela: Price of Venezuelan oil rises slightly in May
June 2, 2014
In May, the average price of Venezuela’s mix of crude oil rose 0.6% over the previous month to USD 97.3 per barrel. The reading, which followed the 0.8% increase recorded in April, reflected a few important factors impacting the global economy: the persistent geopolitical tension between Russia and the West, political instability in Libya and a weaker U.S. dollar.
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 was in line with the 2.34 mbpd tallied in the previous month.