Venezuela: Rising uncertainty in North Africa puts oil prices under pressure
April 10, 2011
In February, the average price of the Venezuelan mix of crude oils climbed by 2.3% to USD 87.42 per barrel, compared with USD 85.42 per barrel in January, recording another record-high reading since September 2008. Political unrest in Northern Africa unnerved markets, driving oil prices to a new record-high level, in particular after the violent turmoil in Libya disrupted oil supply and raised concerns about a contagion across the region. Nevertheless, rising global demand, mainly from emerging markets, together with an unusually cold winter in the northern hemisphere both remain the primary triggers for underlying upward price trend. In order to calm markets some OPEC countries, most notably Saudi Arabia, have started to increase their oil supply.