Venezuela: Crude prices dive in August
September 10, 2011
In August, the average price of the Venezuelan mix of crude oils plunged 7.1% over the previous month to USD 98.46 per barrel (June: USD 105.94 per barrel), marking the sharpest contraction since May 2010. Oil prices retreated on the back of the S&P decision to downgrade the United States' credit rating and signs of slowing global economic growth. In addition, rising expectations that Libyan oil will soon flow back to the market helped to push prices down. According to the latest report from the Organization of Petroleum Exporting Countries (OPEC), Venezuelan oil production reached 2.42 million barrels per day (mbpd) in July, which was slightly up from 2.41 mbpd in June.