Nigeria eyes Venezuela oil blend project- PDVSA Chief

Nigeria and other OPEC members Algeria, Angola, Iran and are interested in blending their light oil with Venezuela’s heavy oil to get better a price for their crude, the president of Venezuelan state oil company PDVSA told Reuters on Monday.

Eulogio Del Pino, who is on a two-day official visit to New Delhi, said global oil prices would recover in the second half of this year driven by demand from emerging markets like India and China.

Analysts say Unsold North Sea and Nigerian crude barrels are building up in tankers offshore in the Atlantic Basin, weighing on physical crude prices.