Venezuela: Venezuelan oil price remains broadly stable in October
November 10, 2011
In October, the average price of the Venezuelan mix of crude oils fell a modest 0.1% over the previous month to USD 102.32 per barrel, which contrasted the 4.0% month-on-month increase in September. The virtually flat print reflected rising concerns about the Eurozone debt crisis, which dragged down crude prices generally, but was partially offset by upbeat economic indicators in the United States and China. According to the latest report from the Organization of Petroleum Exporting Countries (OPEC), Venezuelan oil production reached 2.45 million barrels per day (mbpd) in September, which was slightly up from the 2.42 mbpd observed in August.