Venezuela Commodities

Venezuela

Venezuela: Venezuelan oil price rises for the first time in four months

August 9, 2012

In July, the average price of the Venezuelan mix of crude oils rose 4.4% over the previous month to USD 94.9 per barrel, which contrasts the 13.8% drop seen in June. The July print represents the first monthly price rise recorded since March. Oil prices recovered some lost ground due to rising uncertainty in the Middle East and lesser concerns about the Eurozone crisis. Meanwhile, according to the latest report from the Organization of Petroleum Exporting Countries (OPEC), Venezuelan oil production reached 2.37 million barrels per day (mbpd) in July, unchanged from the figure observed in June.


Author: Ricard Torné, Head of Economic Research

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