All oil refineries in the world need Iran's sour crude
oil, Mohammad Ali Khatibi, former representative of Iran in OPEC said.
Another factor is that(https://theconversation.com/saudi-arabia-is-allying-with-russia-to-shore-up-oil-prices-as-opecs-power-wanes-108310) Saudi Arabia and Russia are cutting their oil production, especially heavy sour crude
, as part of an effort to shore up crude prices.
came to Louisiana refineries optimized decades ago to process cheaper heavy sour crude
into gasoline and other refined petroleum products.
Dubai: The International Maritime Organisation (IMO) specification change, which needs lower sulphur content in marine fuel oil, will lead to more demand for US sweet crude (benchmark Western Texas Intermediate) compared to heavy sour crude
, resulting in cost increases of $1 trillion (Dh3.67 trillion) over five years, a senior official at S&P Platts told Gulf News.
Its decision from the start of 2016 to curb its members' output in an effort to rebalance the oil market has seen the price of sour crude
oil rise relative to lighter, sweeter grades.
"Enabling the Ruwais Refinery-West to process Upper Zakum, or similar, medium sour crude
, in place of Murban light sweet crude, will allow us to extract greater value from our crude resources.
1, 2010 had begun using the Argus Sour Crude
Index (ASCI) to price its crudes for the US market.
Many world refiners are not attracted by SA offers of Arab Heavy (AH) and Arab Medium (AM) sour crude
oils because they are difficult to turn into light products such as high-quality gasoline, low-sulphur gasoil/diesel and jet fuel.
Dubai, the marker for sour crude
oils, ending its working week on Sept.
"We have limited demand for crude," he told reporters, adding Indonesia imports around 400,000 bpd of crude, of which 125,000 bpd was sour crude
from Saudi Arabia.
Before Tehran was banned from selling oil to Europe in 2012, it was delivering about 1 million bpd of high-sulphur sour crude
Much of that is absorbed by Asia, while China buys in a lot of medium sour crude
called Oman blend.