U.S. sanctions on Venezuela's oil industry have made winners out of Royal D...
NEW YORK - U.S. sanctions on Venezuela’s oil industry have made winners out of Royal Dutch Shell Plc and BP Plc, Gulf of Mexico offshore heavyweights, as refiners in need of substitutes are scooping up oil produced in the region.
Heavy crude accounts for nearly two-thirds of U.S. oil imports. Of that, Venezuela’s oil accounted for 10 percent of heavy crude imports in 2018 and about 13 percent in 2017, according to U.S. Energy Department figures. “We do understand that Mars crude is perceived well in the market right now. We’re happy for that and we take advantage of that,” said Rick Tallant, Shell’s vice president of deepwater Gulf of Mexico production.
Trading in those grades has surged. Volumes in the Argus Sour Crude Index , a tool reflecting prices of three U.S. deepwater sour crudes including Mars, rose to 614,036 contracts for February, the most in nearly a year, data from price reporting agency Argus Media show.
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