Water and Oil Deeply Connected

Steven Bodzin and Erik Schatzker write for Bloomberg,

Dec. 16 (Bloomberg) — Venezuela, site of the biggest refinery complex in the Americas, may process less oil as a drought reduces power generation, said the chief executive officer of Curim Capital Advisors LLC.

“We could lose about 200,000 barrels a day in the global market, which would most likely affect heating oil, and China in particular,” Curim CEO Colin Fenton said today in an interview on Bloomberg Television. “It would affect products.”

Venezuela provides crude and heating oil to China National Petroleum Corp. to pay off an $8 billion loan. Most of the oil is shipped to Singapore and other Asian ports. China imported 68,000 barrels a day of Venezuelan heating oil in the three months ended Oct. 31, according to Chinese customs data.

read more at Bloomberg

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