The U.S., the world’s largest oil consumer, will continue to import crude from Colombia and Venezuela, according to the International Energy Agency.
A mismatch in the U.S. refining system creates a preference for heavy crude grades from nearby countries, Antoine Halff, head of IEA’s markets division, said during a conference in Cartagena today.
“The quality of Colombian crude suits the U.S. very well,” and the same is true for new production from Venezuela’s Orinoco heavy oil belt, said Halff.
Colombia and Venezuela export almost 40 percent of their output to the world’s biggest economy, according to the U.S. Department of Energy.
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