U.S. Fuel Shipments to Latin America Surge on Wealth Gain
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Latin American nations are poised to accelerate imports of U.S. refined-oil products after failing to build refineries to meet demand from a growing middle class.
Freight traders booked tankers to send 19 million metric tons of fuels from the U.S. to Latin America in the spot market last year, 5.4 percent more than in 2012, data compiled by Bloomberg show. Volumes may rise again because demand is expanding and no new regional refining capacity will be added in the short term, according to Houston-based Hart Energy Research & Consulting.