International Politics ///

According to credit ratings agency, Fitch Ratings, Latin America's oil and gas sector will need more than $225 billion of investment over the next decade. This year could mark the beginning of serious investment, possibly leading to significant discoveries and production. Repsol-YPF, in particular, has begun the year with announcements of serious intentions for South American E&P investment. Venezuela focuses on exports this quarter. During the third week in January, the US National Security Council met to discuss a more aggressive policy toward Venezuela, including possible economic sanctions. The sanctions would be aimed at state oil company PDVSA. If such an action were to be taken, it would likely impact PDVSA's US-based refiner/ marketer subsidiary, Citgo Petroleum Corp.

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