Venezuela: Venezuelan oil prices hit four-month low in April
May 10, 2013
In April, the average price of the Venezuelan mix of crude oil fell 2.6% over the previous month to USD 99.6 per barrel. The April reading follows the 4.2% drop seen in March and marks the first time in four months that oil prices dip below USD 100 per barrel. Oil prices were dragged down by worse-than-expected economic data in China as well as in Europe.
According to the latest report from the Organization of Petroleum Exporting Countries (OPEC), Venezuelan oil production reached 2.34 million barrels per day (mbpd) in April, slightly below the 2.36 mbpd seen in the previous month.
LatinFocus Consensus Forecast panellists expect oil prices to average USD 102.5 per barrel this year, which is up USD 0.4 per barrel over the last month's Consensus. In 2014, the panel sees oil prices rising to USD 106.4 per barrel.