Venezuela: Price of Venezuelan oil increases slightly in April
May 2, 2014
In April, the average price of Venezuela's mix of crude oil rose 0.8% over the previous month to USD 96.7 per barrel. The reading, which contrasted the 1.6% decrease recorded in March, mainly reflected the escalating political tension between Russia and the West and the fact that crude stockpiles in the United States were lower than expected.
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, which was broadly in line with the 2.33 mbpd tallied in the previous month.
LatinFocus Consensus Forecast panelists expect oil prices to average USD 96.2 per barrel this year, which is unchanged over last month's projection. In 2015, the panel sees oil prices rising to USD 97.9 per barrel.