Venezuela: Venezuelan oil price reaches a 16-month low
July 11, 2012
In June, the average price of the Venezuelan mix of crude oils declined 13.8% over the previous month to USD 90.9 per barrel, which followed the 7.5% drop seen in May. The June print represents the lowest monthly price since February 2011. Oil prices continue to fall due to weaker global growth prospects and high availability of oil in the international markets. Meanwhile, according to the latest report from the Organization of Petroleum Exporting Countries (OPEC), Venezuelan oil production reached 2.36 million barrels per day (mbpd) in June, unchanged from the figure observed in May.