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35%  
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  • Venezuela syncrude challenging Mideast oil in U.S.

    03/21/2002 12:48:45 AM PST · by Cincinatus' Wife · 12 replies · 814+ views
    yahoo ^ | March 20, 2002 | Matthew Robinson
    JOSE, Venezuela, March 20 (Reuters) - Venezuela's rapidly rising production of foreign-financed synthetic crude is providing the United States with a new stable supply of oil outside the Middle East, according to oil analysts. Amid concerns over Gulf exports, Venezuela Wednesday formally launched its $4 billion Sincor project, slated to give U.S. markets another 180,000 barrels per day (bpd) of light oil, which analysts say will not count as part of the Venezuelan OPEC quota. ``That crude will come straight to the United States, and directly challenge light Saudi Arabian crude at a time when the market is going to...