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.