Venezuela: Venezuelan oil prices rebound in May
June 11, 2013
In May, the average price of the Venezuelan mix of crude oil rose 0.8% over the previous month to USD 100.4 per barrel. The May reading contrasts the 2.6% drop seen in April and marks the first increase in three months. Oil prices were boosted by rising tensions in the Middle East, improving economic data in the United States as well as a weak U.S. dollar.
According to the latest report from the Organization of Petroleum Exporting Countries (OPEC), Venezuelan oil production reached 2.35 million barrels per day (mbpd) in May, slightly above the 2.34 mbpd seen in the previous month.
LatinFocus Consensus Forecast panellists expect oil prices to average USD 100.7 per barrel this year, which is down USD 1.8 per barrel over the last month's Consensus. In 2014, the panel sees oil prices rising to USD 104.6 per barrel.