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In December 2025, the price of Merey crude oil – Venezuela’s reference export blend – averaged *U.S. dollars per barrel, down from *U.S. dollars per barrel the previous month. Merey crude oil has been part of the OPEC basket since January 2009. A blend of extra-heavy crude oil from the Orinoco belt and lighter grades, Venezuela’s export oil is the heaviest component in the basket, and, in turn, has historically reported the lowest average price in the OPEC basket.

Benchmark oil prices

Crude oil prices worldwide have been highly volatile over the last five years. In 2020, the global pandemic caused a significant drop in prices. Two years later, the war in Ukraine drove prices to levels not seen since 2008. Since January 2024, oil price levels have seen less volatility and averaged around ** U.S. dollars per barrel. 

Venezuela’s struggling oil sector

The global decline in prices brought upon by the pandemic was only the most recent blow to the South American country's oil industry. Despite holding the largest proved oil reserves in the world, Venezuela’s oil production has declined notably. In 2024, it averaged around ** barrels per day, a third of the level registered a decade earlier. A political and economic crisis, as well as resulting U.S. sanctions have led to a rise in oil stocks in the country, affecting both prices and production.