Venezuela: Venezuelan oil prices moderate in March
April 10, 2013
In March, the average price of the Venezuelan mix of crude oil fell 4.2% over the previous month to USD 102.3 per barrel. The March reading marks the steepest monthly fall seen since June 2012 and contrasts the 4.5% increase tallied in February. Oil prices were dragged down by worse-than expected economic data in Europe, the United States and China as well as uncertainties stemming from the crisis in Cyprus.
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 March, slightly below the 2.35 mbpd seen in the previous month.
LatinFocus Consensus Forecast panellists expect oil prices to average USD 102.1 per barrel this year, which is unchanged over the last month's Consensus. In 2014, the panel sees oil prices rising to USD 106.3 per barrel.