Soft start shouldn’t preclude strong 2015

There is growing evidence that, even before the latest drop in oil prices, the US shale oil revolution had started to weigh on oil producers in Latin America. Oil exports to the US from three of the region’s major oil producers (Venezuela, Mexico and Colombia) have fallen over the past three years but, while the drop in Mexico and Colombia has been manageable, the loss of revenue has contributed to a deepening economic crisis in Venezuela.