Venezuela: Venezuelan oil jumps to five-month high in July
August 9, 2013
In July, the average price of Venezuela's mix of crude oil rose 4.4% over the previous month to USD 104.4 per barrel. The reading contrasts the 0.4% drop seen in June and marks the highest increase in five months. The result came on the back of a number of factors including positive economic data from the United States, increasing political tensions in the Middle East and falling crude inventories in the United States.
According to the latest report from the Organization of Petroleum Exporting Countries (OPEC), Venezuelan oil production reached 2.35 million barrels per day in July, slightly above the 2.34 mbpd seen in the previous month.
LatinFocus Consensus Forecast panellists expect oil prices to average USD 100.4 per barrel this year, which is up USD 0.7 per barrel over last month's projection. In 2014, the panel sees oil prices rising to USD 101.1 per barrel.