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Title : We're Producing The Wrong Kind Of Oil -- Bloomberg -- February 1, 2019
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We're Producing The Wrong Kind Of Oil -- Bloomberg -- February 1, 2019

Oil: And, yes, we  have a nominee for the 2019 Geico Rock Award: Javier Blas has just noticed that "we" are producing the wrong kind of oil. We've been talking about that for years. That's what the Keystone XL was all about.

Over at Bloomberg:

The shale boom has created a world awash with crude, putting a lid on prices and markedly reducing U.S. dependence on imported energy. But there’s a growing problem: America is producing the wrong kind of oil.

Texas and other shale-rich states are spewing a gusher of high-quality crude -- light-sweet in the industry parlance -- feeding a growing glut that’s bending the global oil industry out of shape.

Refiners who invested billions to turn a profit from processing cheap low-quality crude are paying unheard of premiums to find the heavy-sour grades they need. The mismatch is better news for OPEC producers like Iraq and Saudi Arabia, who don’t produce much light-sweet, but pump plenty of the dirtier stuff.

The crisis is Venezuela, together with OPEC output cuts, will exacerbate the mismatch. The South American producer exports some of the world’s heaviest oil and Trump administration sanctions announced this week will make processing and exporting crude far more difficult. American refiners are scrambling for alternative supplies at very short notice.

I used to be concerned about this. No longer.

Chevron has made the first move. 

WTI: By the way, WTI solidly above $54 now. Nice to see. 

http://bit.ly/2dZyQXu

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