SCO - Refiners Make Margin Call On Venezuela
Image Source: Newsmax.com
The Brent crude oil price rose slightly to $62.75 per barrel and WTI advanced to 55.26 per barrel at the end of last week, amid concerns over tight supplies of medium and heavy crudes as a result of OPEC output cuts and uncertainties over the implications of US sanctions on Venezuela that have further tightened availability of medium and heavy sour crudes.
Such tightness concerns have pushed the price of the Dubai benchmark slightly above Brent for the first time since August 2015 as reported by Platts S&P Global.
Venezuela produces