Venezuela: Venezuelan oil prices hit 17-month low in November
December 4, 2013
In November, the average price of Venezuela's mix of crude oil fell 3.7% over the previous month to USD 94.5 per barrel. The reading follows the 4.5% drop seen in October and marks the lowest price since June 2012. The decline comes in the wake of Iran's agreement to limit its nuclear program and amidst greater oil availability on international markets.
According to the latest report from the Organization of Petroleum Exporting Countries (OPEC), Venezuelan oil production reached 2.36 million barrels per day (mbpd) in October, which was in line with the 2.36 mbpd tallied in the previous month.
LatinFocus Consensus Forecast panelists expect oil prices to average USD 100.9 per barrel this year, which is unchanged over last month's projection. In 2014, the panel sees oil prices falling to USD 99.3 per barrel, which is down 0.8 percentage points over the previous month's estimate.