US crude oil imports are falling amid increased production of light tight oil and declining demand. Latin America’s heavy oil exporters, particularly Mexico and Venezuela, are competing for US market share with Canada, where production is rising and pipeline infrastructure facilitates exports to the US. Given intense competition for a shrinking US market, Latin American exporters have sought to diversify sales to oil-hungry Asia and elsewhere.
Will the trend toward decreasing Latin American exports to the US continue? How does the recent oil price collapse impact crude oil flows in the Americas? How would the construction of Keystone XL affect Mexican and Venezuelan oil exports to the US? Where are the new market opportunities for Latin American heavy crude? What are the geopolitical implications of reduced US crude imports from Latin America?
This workshop is part of a series on the impact of the North American energy boom on Latin America, in cooperation with the Inter-American Development Bank.
