Wednesday, October 18, 2017 | Updated at 7:54 PM ET


Venezuela Oil Price Declines, Says Statistical Revenue of World Energy

First Posted: Mar 08, 2017 05:05 PM EST
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Photo : Juan Barreto/AFP/Getty Images

Venezuela oil price is set to decline in the upcoming months, and the fluctuation of the oil production in Venezuela has nothing to do with the pledge to cut the output as an OPEC member. Venezuela is a country that is considered as the world's largest proven oil reserves that have great potential in influencing the oil markets.

 According to the Latin American Herald Tribune, Venezuela oil price slipped slightly during the week as oil traders sifted through the different data the storage builds and wait for the second month to comply with the OPEC production cut which started in the month of January.

The figures released by the Venezuela Ministry of Petroleum and Mining shows that current status of Venezuela oil price. The average price of the Venezuelan crude has declined to $46.83 from $46.93 in the previous week.

The Venezuelan government shows some figures of the Venezuela oil price in 2017. The mix of heavy and medium crude cost $45.76. Compare last year; the Venezuela oil price cost $35.15, down from 2015's price which is $44.65 and 2014's which is $88.42.

Venezuela has a ton of oil underneath it. However, they only have one of the highest cost barrels to lift and process it. The Statistical Revenue of World Energy shows that Venezuela has an estimated of 300.9 billion barrels of oil.

According to Forbes, Venezuela is the third largest supplier of imported crude oil and petroleum products in the United States. However, U.S imports from Venezuela have declined in the recent years which lead to the decrease of Venezuela oil price.

Last year, the United States of America had imported 797,000 barrels per day of crude oil and petroleum products. The decline of the imports could be the reason for the decrease of Venezuela oil price in the market. Venezuela oil price has fallen since for about a million barrels a day since Chávez was elected in the seat.

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