Phillips 66 CEO Mark Rahill said that as Venezuelan exports increase and global trade flows shift, the company and other refiners that process heavy oils will benefit from it. Rahil said that the heavy crude oil produced in Venezuela is the processing variety targeted by the US refinery design, but oil producers will still need years of investment to fully unleash their potential. In the short term, more crude oil supplies from South America will flow to refining centers located on the US Gulf Coast.

Phillips 66 CEO Mark Rahill said that as Venezuelan exports increase and global trade flows shift, the company and other refiners that process heavy oils will benefit from it. Rahil said that the heavy crude oil produced in Venezuela is the processing variety targeted by the US refinery design, but oil producers will still need years of investment to fully unleash their potential. In the short term, more crude oil supplies from South America will flow to refining centers located on the US Gulf Coast.