Venezuela Commodities

Venezuela

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.

LatinFocus Consensus Forecast panelists expect oil prices to average USD 96.6 per barrel this year, which is up USD 0.3 per barrel over last month’s projection. In 2015, the panel sees oil prices rising to USD 96.9 per barrel.


Author: Ricard Torné, Lead Economist

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Venezuela Commodities August 2014

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


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