Venezuela: Oil prices continue to rise
December 10, 2010
In October, the average price of the Venezuelan mix of crude oils rose 9.4% over September to reach USD 74.32 per barrel (September: USD 67.96 per barrel) which, despite the significant price hike, remains in line with prices observed in the same month last year. In part, the monthly price increase reflects the weakening of the U.S. dollar against other major currencies. Moreover, oil demand, and consequently the oil price, continues to be buttressed by sustained growth in major developing economies, such as Brazil, China and India. Meanwhile, Venezuelan oil production increased in September. According to the October report from the Organization of the Petroleum Exporting Countries (OPEC), oil output averaged 2.40 million barrels per day (mbpd) in September, which was 4.9% higher than the revised 2.29 mbpd average output registered in August.