Venezuelan oil prices averaged US$67.36 per barrel in the first half of 2026
The Daily Journal.- Venezuelan oil prices ended the first half of 2026 at an average of US$67.36 per barrel, representing a cumulative decline of US$23.11 from the peak reached in April.
According to data from the Ministry of Hydrocarbons reported to the Organization of the Petroleum Exporting Countries (OPEC), the price of Merey 16 crude, Venezuela’s benchmark for oil exports, doubled between January and April 2026. It rose from US43.21toUS90.47 per barrel, its highest level in more than a decade.
Venezuelan oil prices rose following the outbreak of the conflict in Iran and the subsequent closure of the Strait of Hormuz. However, expectations of a peace agreement in the Middle East triggered a correction in Venezuelan oil prices between April and June. The price fell 21%, ending the sixth month of the year at US$71.13 per barrel. In July, the price fell another 5.30% from the previous month.
Despite the decline, the overall balance for the year remains positive for Venezuela’s finances, as Venezuelan oil prices remain above 2025 levels.
With information from OPEC
