Venezuela proposes novel OPEC oil blending deal

ORINOCO BELT, Venezuela: Venezuela has launched talks this month on a novel plan to blend the country's heavy crude with light oil from other OPEC allies, seeking to create a new variety that can compete against swelling U.S. and Canadian supplies.

The proposal, which would expand on a pilot scheme involving Algerian oil last year, envisions supplying refineries built for medium-grade crudes rather than the light oil that has become plentiful as a result of the North American shale boom, said the head of state oil company PDVSA, Eulogio del Pino.