Venezuela Commodities


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.

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 May 2014 0

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

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