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Oil Bust Takes Its Toll On Latin-American Oil Output

EIA’s weekly estimates show a decline in U.S. shale output, going hand in hand with other declines around the around specifically in Latin America.  Being slated as the world’s most vulnerable oil region, as the major oil producers are having declines in their productions. by Nick Cunningham, Oilprice.com, April 2, 2016 U.S. shale continues to…

Outages in Latin America to help relieve global oil supply glut

Unplanned outages happening around the world at ports and pipelines is helping curb a supply glut that has inundated surpluses of oil and gas. Although short-lived it may still help certain oil producing countries but once it runs it course it will negatively affect several major Latin American countries. by Marianna Parraga, Reuters, April 1,…

Uruguay: First offshore well in years breaks world record

The previous record for deepest offshore well by water depth at 3,150 meters has been surpassed by Total’s newest well at a depth of 3,400 meters.  The French oil company has started to drill off the coast of Uruguay, the first offshore well in forty years. If the well proves successful they expect their first oil…

Capitol Crude: The US Oil Policy Podcast – Considering the Future of Cuba’s Oil Imports in Light of US Exports

Listen to our very own Jorge Piñon as he discusses with Platt’s editors Herman Wang and Brian Sheid on the potential for U.S. crude to be exported to Cuba and how that depends on Venezuela’s current oil-producing situation as well as U.S. policy. by Herman Wang and Brian Scheid, Platts Editors, March 21, 2016 As President…

Distillate Dominated 2015 US Prod Exports, Mexico Top Destination, EIA Says

The top three exports of U.S. petroleum products for 2015 were: distillate, gasoline and propane, in that order.  Distillate fuel was exported to 88 countries with Mexico being the top destination for both distillate and gasoline.  The U.S. continues to be a big exporter of petroleum products to Mexico, Central and South America. by OPIS,…

PDVSA to buy some 8 million barrels of U.S. or Nigerian light crude

According to Reuters, PDVSA is actively seeking to purchase about 8 million barrels of U.S. or Nigerian light crude.  Lately the Venezuelan state-run oil company has been purchasing larger and larger tenders of diluents in order to meet its own decline of diluent outputs. by Marianna Parraga, Reuters, via Petroleumworld.com, March 10, 2016 Venezuela’s state-run…

Venezuela Oil Group Seeks Incentives to Lure More Foreign Money

Hydrocarbon association in Venezuela is planning on making some changes to attract investors. The group intends to reduce royalties and taxes as well as granting more decision making power to its partners. by Pietro Pitts, Bloomberg, Jan. 26, 2016 Venezuela’s main hydrocarbon association has proposed measures aimed at attracting more investment from international oil companies…

Argentina to cut price of locally produced oil by 12 pct-media

Price of locally produced Argentinian oil is being sold at 12% less, yet still it remains higher than the average global price. The prices follow a devaluation in the local currency, high quality crude went from $77 USD to $67.5 USD and lower quality crude went from $61 USD to $54.9 USD. by Hugh Bronstein,…

Colombia imports first crude as global light grades abound

Colombia is importing crude for the first time since January 2013. Ecopetrol SA will be importing light crudes from Nigeria, and follow Venezuela’s and Ecuador’s lead on the imported light crudes with its own heavier ones. by Energy Voice, Oct. 05, 2015  Colombia is importing crude for the first time in more than two years…

Venezuela’s PDVSA got at least 6 light crude supply offers

Last month, Venezuela asked oil suppliers to submit offers for 70,000 barrels a day of light crude through a contract of five years. PDVSA is planning to blend this light crude with its growing extra heavy oils. In the last few days, the Venezuela company received bid offers from Royal Dutch Shell, U.S. Chevron Corp, PetroChina and others….

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