USA will restrict crude oil import from Latin America

A study carried out by the firm Moody’s ensured that the United States in the next three or five years will restrict the import of oil from Latin America.

The agency noted that part of the region’s oil producers have “a loss of productive capacity, reserves, efficiency and competitiveness””.

This will bring great changes, for example, to Colombia, which now should be less dependent on oil revenues for its tax revenues.

On the other hand, Venezuela will be one of the most affected countries since the export of crude has collapsed as indicated by the entity which also took into consideration the debt and capital sanctions imposed against Nicolás Maduro.

Brazil, for its part, stressed that it is one of the countries that consumes a large part of its production and “seeks to reduce its exposure to fuel supply interruptions“.

For Moody’s, the new scenario in the energy trade is positive for “credit effects” of oil and gas producers, and for the US economy, while for Latin America it has negative consequences in the same field.

K. Tovar

Source: Bancaynegocios