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Stock impact report

Jim Mellon Says Venezuela's Oil Recovery Is 5+ Years Away, But US Refiners Could Benefit: 'I'd Suggest Loading Up On Oil And Gas' [Yahoo! Finance]

Valero Energy Corporation (VLO) 
Last valero energy corporation earnings: 4/29 06:30 am Check Earnings Report
US:NYSE Investor Relations: investorvalero.com
Company Research Source: Yahoo! Finance
Speaking on the Master Investor podcast on Wednesday, Mellon cautioned that any meaningful recovery in Venezuela's oil sector remains a long-term story. “It will take at least 5 to 10 years before they can get back up to what they had,” he said, which is an output of 3 million barrels of crude oil per day. While that level of output would represent a meaningful rebound for Venezuela, he noted that “in the context of over 100 million barrels a day,” which is the current global daily output, it is just “enough to change things at the margin.” Don't Miss: Fast Company Calls It a ‘Groundbreaking Step for the Creator Economy' — Investors Can Still Get In at $0.85/Share Sam Altman Says AI Will Transform the Economy — This Platform Lets Investors Back Private Tech Early Mellon also said that Venezuela's output, which predominantly consists of heavy crude, uniquely positions U.S. refiners to benefit first from any eventual recovery. “We also know that it's very heavy oil,” he sai Show less Read more
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