Venezuela: Venezuelan oil price rises for first time in three months
January 16, 2013
In December, the average price of the Venezuelan mix of crude oils rose 1.1% over the previous month to USD 97.8 per barrel. The December reading contrasted the 3.7% drop tallied in November and marked, in fact, the first monthly increase since September. Oil prices benefited from the improving outlook for China and rising optimism ahead of a fiscal cliff deal in the United States.
In 2012, the average price of the Venezuelan mix of crude oils rose to USD 103.4 per barrel from the USD 101.1 per barrel recorded in 2011.
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 December, slightly down from the 2.34 mbpd seen in November.