Venezuela: Venezuelan oil price continues to rise in August
September 13, 2012
In August, the average price of the Venezuelan mix of crude oils rose 7.1% over the previous month to USD 101.9 per barrel, which followed the 4.7% rise seen in July and marked, in fact, the largest monthly gain since April 2011. Oil prices increased in August mainly as a result of a better economic outlook in the United States and the ongoing uncertainty in the Middle East. According to the latest report from the Organization of Petroleum Exporting Countries (OPEC), Venezuelan oil production reached 2.36 million barrels per day (mbpd) in August, virtually mirroring the 2.37 mbpd seen in July. Meanwhile, on 25 August, a gas explosion at the Amuay oil refinery, the country's largest, killed 42 people, fuelling questions about whether Petroleos de Venezuela S.A. (PDVSA) has been neglecting maintenance in the complex. According to the government, the Amuay oil refinery will return to full capacity in September.
Author: Armando Ciccarelli, Head of Data Solutions