Venezuela: Venezuelan oil price climbs to a three-year high in February
March 10, 2012
In February, the average price of the Venezuelan mix of crude oils grew 3.0% over the previous month to USD 111.5 per barrel, following the 2.2% rise seen in January. In fact, oil prices are currently at their highest level since July 2008 due to an improving economic outlook in the Eurozone after the approval of the second Greek bailout and due to rising geopolitical tensions in the Hormuz Strait. According to the latest report from the Organization of Petroleum Exporting Countries (OPEC), Venezuelan oil production reached 2.38 million barrels per day (mbpd) in February, which virtually mirrored the previous month's output. Meanwhile, the OPEC reduced slightly its 2012 global demand forecast by 0.1 mbpd to 88.6 mbpd due to a dimmer world economic outlook for this year.