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Electric-scooter rental companies are hitting speed bumps in the U.S. over safety and other concerns.
Saudi and Canadian cuts are leaving world hungry for heavy crude
This means the type of oil that accounts for more than 10 per cent of the world’s refinery supplies, already growing scarce with Venezuela’s collapse, will probably be even harder to come by.
More than half of the world’s heavy crude is processed in the U.S. In Canada, heavy-crude prices have surged since last month when Alberta Premier Rachel Notley mandated a production curtailment of 325,000 barrels a day starting in January to alleviate a pipeline crunch.
Meanwhile, OPEC’s top producer Saudi Arabia curtailed its crude outflows by nearly 500,000 barrels day in December and exports are expected to tumble more this month because of an agreement by OPEC and its allies to reduce production by 1.2 million barrels a day after oil prices collapsed late last year.
In Venezuela, another heavy crude producer, exports fell to a 28-year low in 2018 as political strife and economic collapse struck at the country’s most important industry.
Refiners along the Gulf Coast and in the Midwest invested billions of dollars in cokers and other heavy-oil processing units over the past three decades anticipating supplies of light oil would become scarce while heavy crude from Canada’s oil sands, Venezuela and Mexico would grow.
The rule cuts the sulfur content of ship fuels, making most heavy oil grades less valuable to refiners who will seek to increase production of lower-sulfur diesel and low-sulfur fuel oil.
- On 26. februar 2021
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