Venezuela’s Heavy Oil Now Accessible to US Refiners

The United States’ bid to control Venezuela’s oil sector after abducting Venezuelan President Nicolas Maduro has highlighted the country’s heavy, sour crude reserves, particularly in the Orinoco Oil Belt. With vast potential but requiring significant investment, Venezuela’s output has declined steeply, prompting interest from US oil companies. Despite past conflicts and uncertainties, Chevron is currently the only major US producer in Venezuela, poised to benefit from the country’s heavy crude that aligns with US refineries designed for processing such grades.

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