Venezuela Commodities

Venezuela

Venezuela: Venezuelan oil price falls to four-month low in July

July 25, 2014

In July, the average price of Venezuela’s mix of crude oil fell 2.7% over the previous month to USD 96.4 per barrel, which represented the lowest price since March. The monthly drop, which contrasted the 1.8% increase recorded in June, mainly reflected the fact that Libya resumed oil production and that the Iraqi conflict eased somewhat in July.

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 June, which matched the previous month’s result.

LatinFocus Consensus Forecast panelists expect oil prices to average USD 96.6 per barrel this year, which is unchanged over last month’s projection. In 2015, the panel sees oil prices rising to USD 98.4 per barrel.


Author: Ricard Torné, Lead Economist

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Venezuela Commodities July 2014

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


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