Venezuela: Venezuelan oil price reaches four-month high in September
October 10, 2012
In September, the average price of the Venezuelan mix of crude oils rose 1.2% over the previous month to USD 103.1 per barrel, which followed the strong 7.1% rise seen in August. The monthly increase drove the price per barrel to its highest level in the last five months. Oil prices rose in September on the back of a new round of quantitative easing launched by the United States Federal Reserve and a weaker U.S. dollar against the euro. According to the latest report from the Organization of Petroleum Exporting Countries (OPEC), Venezuelan oil production reached 2.33 million barrels per day (mbpd) in September, down from the 2.36 mbpd seen in August. The reduction was mainly due to less production in the Amuay oil refinery after the 25 August explosion.