On March 11, the Argentine government announced that exporters of heavy crude will receive a USD7.50/bbl subsidy, a move we believe will support qualifying operators active in the country's southern oil felds through Q216. The policy will apply to crude shipments from the San Jorge basin in the Patagonia region which produces upwards of 265,000b/d, or approximately half of the country's supplies. Conventional crude from this region comprises the majority of Argentina's exports given that they are less suitable for processing in domestic refneries.
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