Venezuelan oil prices rise following OPEC production freeze3

The Venezuelan Ministry of Petroleum and Mining reported on 2 December 2016 that the price of Venezuelan oil closed the week of 28 November to 2 December at US$40.47 per barrel, up from US$39.83 per barrel between 21 and 25 November. Taking the most recent figures into account, the average price of Venezuelan oil in 2016 registered US$34.32 per barrel, compared to an average of US$44.65 per barrel in 2015 (Globovisión). The Ministry attributed the rise in the price of oil to the 30 November decision from the Organization of the Petroleum Exporting Countries (OPEC) to cut production by 1.2 million barrels per day beginning in 2017 (La Patilla).