Venezuela: Venezuelan oil price hits 10-month high in February
March 12, 2013
In February, the average price of the Venezuelan mix of crude oils rose 4.3% over the previous month to USD 106.7 per barrel, which represents the highest level recorded since April 2012. The February reading followed the 4.6% increase tallied in January. Oil prices mainly benefited from improving economic data for the United States and China as well as rising political tension in the Middle East.
According to the latest report from the Organization of Petroleum Exporting Countries (OPEC), Venezuelan oil production reached 2.37 million barrels per day (mbpd) in February, matching the outcome seen in the previous month.
LatinFocus Consensus Forecast panellists expect oil prices to average USD 102.1 per barrel this year, which is up USD 0.2 per barrel over the last month's Consensus. In 2014, the panel sees oil prices rising to USD 106.3 per barrel.