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Comment by bsjaux628

5 hours ago

Reminder: extra heavy oil means that there is more processing required to get useful materials out of it, which in turn becomes higher operational cost. So, if Iranian oil entered the market, prices would go down making Venezuelan oil non competitive (I believe the break even price for Venezuelan oil was close to 80$). At this moment the numbers don't add up to make companies go back into Venezuela given the price, uncertainty and past expiriences.