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U.S. Sanctions on Venezuela Are a Blessing to Colombian Oil

  • Heavy Colombian Castilla oil has strengthened against Brent
  • Usual buyers of Venezuelan crude are finding alternatives
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Venezuelan Political Crisis Threatens Global Oil Supply
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U.S. Gulf refiners are bidding up prices for Colombian crude amid sanctions on Venezuelan imports, historically one of America’s top oil suppliers.

Colombian crude has strengthened on the back of harsher restrictions against state oil company Petroleos de Venezuela SA, a self-imposed curtailment in Canadian production and output cuts agreed on by OPEC and its allies.