Venezuela proposes to create a new variety of oil ...

Venezuela proposes to create a new variety of oil …

April 21, 2015

The president of the state-owned Petróleos de Venezuela (PDVSA), Eulogio del Pino, confirmed this Sunday that Venezuela has started talks to mix its oil with light crude from other countries of the Organization of Petroleum Exporting Countries (OPEC) and create a new variety. .

“We are proposing to mix our crude with theirs, and go to the market together,” Del Pino told reporters during a trip to the Orinoco Belt.

The objective is for this new variety to increase the competitiveness of the OPEC countries against the United States and Canada, which have increased the rate of oil extraction, and at the same time face the fall in international oil prices and competition of unconventional hydrocarbons, particularly those produced by hydraulic fracturing technology (‘fracking’).

The executive cited Algeria and Angola as potential partners thanks to their light crude.

Via Venezuela proposes to create a new variety of oil to compete with the US and Canada / Sputnik Mundo.

Image: huyangshu via Shutterstock – Pressmaster via Shutterstock

[+] Videos de nuestro canal de YouTube