Venezuela: Venezuelan oil price falls to an over-two year low in August
September 1, 2014
In August, the average price of Venezuela’s mix of crude oil fell 4.6% over the previous month to USD 91.7 per barrel, which represented the lowest price since June 2013. The monthly drop, which represented the steepest fall since April 2013 and followed the 3.0% decrease recorded in July, mainly reflected a strong US dollar, ample availability of oil in the global market and lower consumption in Asia and Europe.
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 July, which was virtually unchanged from the 2.33 mbpd tallied in June.