Venezuela: Venezuelan oil price drops for first time in four months
November 9, 2012
In October, the average price of the Venezuelan mix of crude oils fell 2.6% over the previous month to USD 100.4 per barrel. The October print contrasted the 1.2% rise seen in September and marked, in fact, the first monthly drop seen in four months. Oil prices fell in October due to worsening prospects for the global economy. Moreover, oil prices declined by the end of the month, as refineries on the East Coast of the United States shut down ahead of the arrival of hurricane Sandy, lowering demand for crude. 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 October, up from the 2.32 mbpd seen in September.