Venezuela: Venezuelan oil price continues to decline
June 12, 2012
In May, the average price of the Venezuelan mix of crude oils declined 7.5% over the previous month to USD 105.5 per barrel, which followed the 2.1% drop seen in April. The May print represents the steepest monthly fall since May 2010. Oil prices moderated due to slower growth in the United States and China, worsening developments in the Eurozone as well as a stronger U.S. dollar. Meanwhile, according to the latest report from the Organization of Petroleum Exporting Countries (OPEC), Venezuelan oil production reached 2.38 million barrels per day (mbpd) in May, virtually unchanged from the 2.36 mbpd in April.