Venezuela: Venezuelan oil price falls for first time in four months
May 10, 2012
In April, the average price of the Venezuelan mix of crude oils declined 2.1% over the previous month to USD 114.0 per barrel, which contrasted the 4.5% rise seen in March and marked its first monthly fall since December 2011. Oil prices moderated due to worsening developments in the Eurozone and a slower-than-expected growth in China. 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 April, virtually unchanged from the 2.37 mbpd in March.