Price At The Pump: Venezuela And Oil Prices

Oil prices remain fairly soft as we start December, and that’s thanks to international news.  Patrick DeHaan with Gasbuddy.com said a new theatre the oil markets are watch is Venezuela, which could have a direct impact on OPEC.

“If Venezuela does see military action by the U.S., any potential new regime may eventually rebuild Venezuela's oil output, which could become a threat to OPEC," DeHaan noted.  "Now, keep in mind, Venezuela is a member nation of OPEC, but their production has plummeted.”

DeHaan said that’s not only the only news impacting OPEC.  He noted over the weekend; OPEC voted to stick with their production pause for January, February and March.  In addition to that...

“Kind of a new development, OPEC agreeing to more transparency," DeHaan said.  "They essentially will begin a new program that will look at output and more transparency provide information on what member countries can do in terms of increasing output. And they're going to use that new transparency tool to determine quotas in the years ahead.”

DeHaan added between Venezuela, OPEC, Russia/Ukraine, and a host of other international issues, oil prices are likely to remain under pressure for the foreseeable future.

As of Tuesday morning, both West Texas and Brent Crude were trading lower, with WTI around $58 per barrel, and Bent dropping below the $63 per barrel threshold.

What is the expectation for oil prices as we prepare to wrap up 2025? Find out by listening to our entire Price at the Pump podcast with DeHaan:

And remember to join us Tuesday mornings during Northwest Ag Today for your PNW Ag Network Price at the Pump.

If you have a story idea for the PNW Ag Network, call (509) 547-1618, or e-mail glenn.vaagen@townsquaremedia.com