RE:Here comes Venezuela!Fortunately a 64,000 bpd MOM increase is minimal, and not an issue.
Venezuela is still in very rough shape, requiring billions in capital investment after cannibalizing it's facilities in order to keep a small amount of oil flowing during sanctions.
The USGC refiners are scrambling to find any alternate sources of heavy or medium sour crude to replace what is being lost from Mexican imports now staying in Mexico going to the new Olmeca refinery.
Panama canal issues complicate things, further making the Atlantic basin a market on it's own.
TMX will only add to these losses.
Bullish for Canadian crude.
liljohnnyjoke wrote: https://oilprice.com/Latest-Energy-News/World-News/Venezuelan-Output-Rises-to-850000-Bpd-Amid-Sanctions-Relaxation.html
everyone increasing production and taking SA's 1Mbpd production cut market share away. they may say screw and reopen the their taps for a while