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Venezuela seeks light crude supply for up to 5 years

Oil

Venezuela's state oil firm PdV is seeking up to 70K b/d of sweet crude with an API of more than 40� to blend with its Orinoco extra-heavy crude for export, Argus reports citing the country's energy ministry. PdV has previously purchased light crude from Algeria, Russia and Nigeria. The increase in import demand for light crude oil comes as production of Venezuela's domestic light crude oil declines.