Venezuela: Venezuelan oil price continues to rise in March
April 10, 2012
In March, the average price of the Venezuelan mix of crude oils grew 4.5% over the previous month to USD 116.5 per barrel, following the 3.0% rise seen in February. In fact, oil prices are currently at their highest level since July 2008 amid improving developments in the Eurozone and positive economic data from the United States. Meanwhile, 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 March, mirroring the previous month's output.