Venezuela: Venezuelan oil prices decline in January
February 12, 2014
In January, the average price of Venezuela's mix of crude oil fell 1.8% over the previous month to USD 95.5 per barrel. The reading, which contrasted the 3.0% increase recorded in December, mainly reflected increasing speculation regarding the potential for an increase in oil supply in the Middle East and North Africa.
According to the latest report from the Organization of Petroleum Exporting Countries (OPEC), Venezuelan oil production reached 2.33 million barrels per day (mbpd) in January, 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 98.3 per barrel.