Venezuela: Venezuelan oil prices hit 10-month low in October
November 5, 2013
In October, the average price of Venezuela's mix of crude oil fell 5.7% over the previous month to USD 97.9 per barrel. The reading follows the 1.7% drop seen in September and marks the lowest price since December 2012. The decline came on the back of rising crude inventories in the United States and a slowdown in refiner demand due to Fall maintenance.
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 September, which was slightly below the 2.35 mbpd tallied in the previous month.
LatinFocus Consensus Forecast panelists expect oil prices to average USD 100.9 per barrel this year, which is unchanged over last month's projection. In 2014, the panel sees oil prices falling to USD 99.9 per barrel, which is down 0.2 percentage points over the previous month's estimate.