Venezuela: Venezuelan oil broadly stable in June
July 10, 2013
In June, the average price of the Venezuelan mix of crude oil fell 0.4% over the previous month to USD 100.1 per barrel. The June reading contrasts the 0.8% rise seen in May. Oil prices were broadly unchanged in June as a positive flow of economic data in the United States was offset by deteriorating prospects for China as well as fears over the Fed's QE tapering.
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 June, slightly below the 2.34 mbpd seen in the previous month.
LatinFocus Consensus Forecast panellists expect oil prices to average USD 100.3 per barrel this year, which is down USD 0.4 per barrel over the last month's Consensus. In 2014, the panel sees oil prices rising to USD 102.2 per barrel.