Core Insights - Chinese independent refiners are anticipated to shift towards heavy crude oil sources, including Iran, to compensate for the loss of Venezuelan shipments that have been disrupted following the U.S. government's actions against Venezuela's leadership [1] Group 1 - The transition to heavy crude is a strategic response to geopolitical changes affecting oil supply chains [1] - The reliance on Iranian crude indicates a potential shift in sourcing strategies among Chinese refiners [1] - The halt of Venezuelan shipments is a significant factor driving this change in procurement [1]

Core Insights - U.S. refiners possess a unique capability to process the heavy crude oil that Venezuela claims to have in large quantities [1] Industry Summary - The refining industry in the U.S. is particularly well-equipped to handle heavy crude, which is a significant aspect of Venezuela's oil reserves [1]

Realizing President Donald Trump’s plan for a US-led revival of Venezuela’s beleaguered oil industry could be a years-long and challenging process costing upwards of $100 billion. Most Read from Bloomberg Years of corruption, underinvestment, fires and thefts have left the nation’s crude infrastructure in tatters. Rebuilding it enough to lift Venezuela’s output back to its peak levels of the 1970s would require companies to invest about $10 billion per year over the next decade, said Francisco Monaldi, d ...

The current supply-demand situation for crude oil shows a market that is well supplied. So well supplied in fact, that oil prices have sunk below $60 per barrel. But this fact highlights a distinction that makes a difference. The price of oil that gets highlighted every trading day is the price of light, sweet crude. That's the most common type, and it's what gets converted into gasoline and powers industry. But there's also heavy crude. This is the type of oil used for diesel fuel. Unlike light crude, heav ...