Oil challenges for Latin America and Africa given the Asian expansion

Lower United States dependency on crude imports has caused shipments from Latin America and Africa to fall. Asia has also made efforts to diversify the sources of its supply to meet its energy demands and thereby reduce exposure to the Middle East. These developments have implications for the projects aiming to increase Latin American and African participation in the Asian market. In this context, this article examines the significance of the expansion of Asian funding linked to the energy sector, identifies opportunities for complementarity between regions, and explores examples linked to the development of oil projects in Venezuela and the use of African crudes as input, as well as the interest of Latin American companies in developing projects in Africa.

Key words: Latin America, Africa, cooperation, oil, energy security, Asia

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https://doi.org/10.24241/rcai.2016.114.3.63