Venezuela: Venezuelan oil price reaches a four-month high in February
March 12, 2014
In February, the average price of Venezuela's mix of crude oil rose 2.2% over the previous month to USD 97.6 per barrel, which marked the highest level since October 2013. The reading, which contrasted the 1.8% decrease recorded in January, mainly reflected lower crude stockpiles in the United States that came at the tail-end of a harsh winter along with a relatively-weak U.S. dollar. 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 February, which was broadly in line with the 2.35 mbpd tallied in the previous month. LatinFocus Consensus Forecast panelists expect oil prices to average USD 97.3 per barrel this year, which is unchanged over last month's projection. In 2015, the panel sees oil prices rising to USD 98.2 per barrel.