Venezuela: Venezuelan oil price declines in December
January 10, 2012
In December, the average price of the Venezuelan mix of crude oils declined 1.9% over the previous month to USD 105.82 per barrel, which contrasted the strong 5.2% month-on-month increase seen in November. Oil prices benefited from upbeat indicators in the United States, despite the ongoing crisis in the Eurozone and the USD strengthening against most of its major counterparts. 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 November, which was slightly down from the 2.39 mbpd observed in October. Moreover, on 14 December, OPEC decided to increase its production ceiling for the first time in three years to 30 mbpd (excluding Iraq's production), which is up from the previous 24.8 mbpd limit. This target will be reviewed on 14 June.