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.