Venezuela Commodities

Venezuela

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.


Author: Ricard Torné, Head of Economic Research

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Venezuela Commodities December 2012

Note: Price of the Venezuelan mix of crude oil in USD per barrel.
Source: Ministry of Petroleum and Mining.


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