Peru has started expanding the sources of its crude imports, slowly introducing U.S. and Brazilian grades to a slate mostly based on oil from Ecuador, Africa and Trinidad and Tobago, according to Thomson Reuters Trade Flows data.
The numbers show Peru has joined the growing list of Latin American countries increasing purchases of U.S. light crudes for their refineries since an export ban was lifted in late 2015.
“Buying other crudes is a result of a wider variety due to U.S. crude exports. We always choose the option with the best economic value for us,” the chief of external markets at Peruvian state-run oil firm Petroperu, Augusto Nunez, said in an interview.
Petroperu operates a domestic network of four refineries with a joint capacity to process 94,500 barrels per day (bpd).