Venezuela: Venezuelan oil price rises in January
February 10, 2012
Based on weekly data, the average price of the Venezuelan mix of crude oils up to 27 January grew 2.3% over the previous month to USD 108.2 per barrel, which contrasted the 1.9% month-on-month decrease seen in December. Venezuelan oil prices benefited from upbeat data in the United States and China as well as from rising uncertainties in the Middle East due to a potential conflict in the Hormuz Strait. According to the latest report from the Organization of Petroleum Exporting Countries (OPEC), Venezuelan oil production reached 2.37 million barrels per day (mbpd) in December, which was slightly down from the 2.39 mbpd observed in November. Moreover, in its January report, the OPEC maintained its 2012 global demand forecast unchanged at 88.9 mbpd, which is up 1.1 mbpd over 2011.