Venezuela: Venezuelan oil price rises in November to highest level since 2008
December 10, 2011
In November, the average price of the Venezuelan mix of crude oils rose 5.6% over the previous month to USD 108.05 per barrel, which contrasted the slight 0.1% month-on-month decline in October. Moreover, the current monthly average price represents the highest since August 2008. Oil prices benefited from upbeat indicators in the United States in early November, despite rising uncertainties in the global economy, in particular the deepening crisis in the Eurozone. 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 October, which was slightly down from the 2.42 mbpd observed in September. That said, a majority of the OPEC countries pumped less oil in October as Libya has now started to resume crude production.
Author: Ricardo Aceves, Senior Economist