Venezuela Commodities

Venezuela

Venezuela: Venezuela oil mix remains close to USD 100 per barrel

October 10, 2011

In September, the average price of the Venezuelan mix of crude oils increased 4.0% over the previous month to USD 102.40 per barrel, which contrasted a 7.1% month-on-month decline in August. Accordingly, despite renewed fears of another global economic slowdown, the overall price of the Venezuelan mix continues to hover at around a USD 100 per barrel, broadly in line with the values recorded since March. Meanwhile, according to the latest report from the Organization of Petroleum Exporting Countries (OPEC), Venezuelan oil production reached 2.40 million barrels per day (mbpd) in August, which was virtually unchanged from the 2.42 mbpd observed in July.


Author: Ricard Torné, Head of Economic Research

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