Oil traders expect Asia to import more Venezuelan crude if U.S. sanctions kick in

15 Aug 2017   Venezuela

Asia would be the biggest beneficiary of any potential sanctions by the United States on Venezuela’s oil sector, said traders and analysts, as exports from the South American OPEC member could be redirected to the region, filling a vacuum left by producer supply cuts. Washington is considering sanctions on Venezuela’s oil industry in response to the ruling Socialist Party’s crackdown on officials and parties opposed to the government. An embargo against Venezuelan crude could block imports of about 740,000 barrels per day to the U.S. Asian refiners would welcome the so-called heavy, or higher density, crude since production cuts by the Organization of Petroleum Exporting Countries (OPEC) have mainly curtailed this type of oil. At […]

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