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FX.co ★ Venezuela urges oil blending to increase competitiveness

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Forex Humor:::2015-04-27T07:30:00

Venezuela urges oil blending to increase competitiveness

Changes in the oil market trends create new conditions in which large manufactures should work. Venezuela’s government has proposed creating new oil blending together with other OPEC countries. The new blending consists of Venezuela’s heavy crude and light oil from other OPEC members. The idea is to create a new variety that can compete against swelling US and Canadian supplies. Experts suppose that this decision may boost the competitiveness of Venezuela’s oil that is very heavy and most of the refineries are not adapted for it. Angola and Algeria are considered to be potential partners with significant light oil inventories. Moreover, these countries are interested in the increase of supplies as their exports to the US have reduced to 150,000 barrels since the beginning of the year. "We are proposing to blend oils from here with theirs, to go to the market together," head of the Venezuelan state oil company PDVSA Del Pino said. He also said that the idea was discussed at the Summit of the Americas in Panama earlier this month and at the meeting with OPEC ambassadors in Caracas last week.

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