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Latam Market Shifting Away From Heavy Crudes: Platts

OIL

Latin American crude output is on the rise, but heavy crude output is expected to decline, according to Platts.

  • Platts forecasts a drop of 240k b/d between Jan. 2024-Dec. 2025 to around 2.9m b/d.
  • This tightening will impact US refiners geared up for heavy crudes, such as the US Midwest and USGC.
  • This will be worsened once the TMX expansion and Olmeca refineries are online.
  • Venezuela’s industry is likely to see sanctions reimposed which will further hit its already decaying oil industry, in decline following economic crisis and sanctions.
  • Mexico’s production has moved towards lighter grades amid new projects producing higher API products coupled with depletion of some heavy crude reserves.
  • Ecuador and Colombia have been unable to offset the decline in mature fields and production is expected to gradually decline.
  • Consequently. the region is now more associated with medium light rather than heavy sour crudes.
Energy BulletsCommodities
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