Venezuela Commodities

Venezuela

Venezuela: Venezuelan oil prices drop to a nearly four-year low in October

November 1, 2014

In October, the average price of Venezuela’s mix of crude oil fell an astonishing 11.6% over the previous month to USD 78.9 per barrel, which represented the lowest price since November 2010. The monthly decline, which followed the 2.7% decrease recorded in September and represented the largest monthly drop since June 2012, mainly reflected a strong U.S. dollar, ample availability of oil in the international markets and cooling global economic growth.

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 September, which was unchanged from the 2.33 mbpd tallied in August.

LatinFocus Consensus Forecast panelists expect oil prices to average USD 95.2 per barrel this year, which is unchanged over last month’s projection. In 2015, the panel sees oil prices rising to USD 94.8 per barrel, which is also unchanged from last month’s estimate.


Author: Ricard Torné, Lead Economist

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Venezuela Commodities October 2014

Note: Price of the Venezuelan mix of crude oil in USD per barrel.
Source: Ministry of Petroleum and Mining.


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