Looming Venezuelan Sanctions Give a Bump to Colombian Oil Prices
- The start of Dos Bocas refinery is also supporting prices
- US sanctions relief expires on April 18 and may not be renewed
Storage tanks at a refinery in Barrancabermeja, Colombia.
Photographer: Ivan Valencia/BloombergThis article is for subscribers only.
The potential resumption of US sanctions against Venezuela is giving a boost to Colombian oil of the same quality.
Heavy sour Castilla crude oil for delivery in April is being offered at a discount of around $9 per barrel to benchmark ICE Brent prices, stronger levels compared with the previous month, according to people with knowledge of the situation who asked not to be named while discussing non-public information.