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Venezuela: average Merey crude oil price 2019-2020

Crude oil prices dropped dramatically in the first months of 2020, the result of an unprecedented decline in demand as lockdown measures were implemented around the world in an attempt to limit the spread of the coronavirus pandemic. Merey crude oil, from Venezuela, reached an average barrel price of 7 U.S. dollars in April 2020, a decrease of 88 percent in comparison to the same month in 2019. In the following four months, the Venezuelan blend showed continual signs of recovery, with an average price of 35.21 dollars per barrel registered in August 2020. In September, crude oil prices worldwide dropped again, with the Merey blend reporting a month-on-month decrease of seven percent.

Average monthly Merey crude oil price (Venezuela) from January 2019 to September 2020

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Release date

October 2020



Survey time period

January 2019 to September 2020

Supplementary notes

Figures prior to August 2020 were retrieved from earlier releases of the publication.

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