The idea was discussed at the Summit of the Americas in Panama earlier this month and at a meeting with OPEC ambassadors in Caracas last week, according to Eulogio del Pino, head of the Venezuelan state oil company PDVSA.
The proposal stipulates supplying refineries designed for medium-grade crude, rather than the light oil, which has become plentiful amid the North American shale boom.
“We have five refineries in the Gulf of Mexico we own or share. Most of the refineries were built there for medium-heavy oil. They are not adapted for the new light oil from fracking in the United States,” Del Pino said.
If agreed to, the plan could help Venezuela capitalize more on its heavy grades and compete with Canadian crude, which is currently being sent to refineries on the U.S. Gulf Coast.
The plan could also help other OPEC members successfully compete against U.S. shale.