Venezuela Commodities

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Venezuela: Venezuelan oil price declines slightly in March

April 11, 2014

In March, the average price of Venezuela's mix of crude oil fell 1.7% over the previous month to USD 96.0 per barrel. The reading, which contrasted the 2.2% increase recorded in February, mainly reflected higher crude stockpiles in the United States, a relatively-strong U.S. dollar and concerns about a deceleration in emerging economies.

According to the latest report from the Organization of Petroleum Exporting Countries (OPEC), Venezuelan oil production reached 2.34 million barrels per day (mbpd) in March, which was broadly in line with the 2.33 mbpd tallied in the previous month.

LatinFocus Consensus Forecast panelists expect oil prices to average USD 97.3 per barrel this year, which is unchanged over last month's projection. In 2015, the panel sees oil prices rising to USD 98.2 per barrel.


Author: Ricard Torné, Head of Economic Research

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Venezuela Commodities March 2014

Note: Price of the Venezuelan mix of crude oil in USD per barrel.
Source: Ministry of Petroleum and Mining.


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