Venezuela: Uncertainty in the Middle East and favourable global economic outlook boost oil prices
May 10, 2011
In March, the average price of the Venezuelan mix of crude oils rose 13.3% over the previous month to reach USD 99.48 per barrel (February: USD 87.83 per barrel) which, in fact, represented the highest monthly average recorded since October 2008. The strong print was fuelled by the high volume of contracts for crude oil in the futures market, due to favourable indicators from the United States and China, and also as a result of the ongoing conflicts taking place in North Africa and the Middle East. According to the Organization of the Petroleum Exporting Countries (OPEC), latest data published in February show oil production continued to increase, reaching 2.39 million barrels per day (January: 2.33 mbpd), above both the 2010 average of 2.28 mbpd and the Q1 2010 average of 2.30 mbpd.