Xiu Ying, Contributing Reporter
RIO DE JANEIRO, BRAZIL - The U.S. sanctions on Venezuela's oil industry have tightened the global crude oil market. Oil buyers are intensely looking for alternatives to the heavy Venezuelan oil.
As London based global information provider IHS Markit points out, OPEC would be the first response. But the cartel agreed to reduce its output and keep its shipments around 23 million barrel per day, much lower than the levels last seen in October 2018.
Refiners in the United States and Europe have therefore started to replace Venezuela's oil with some of the crudes . . .