Surge in light crude trade altering market for Atlantic basin refiners

N. Foster Mellen Petroleum Economics Ltd. Sugar Land, Tex. Changes in Atlantic Basin Oil Output [54,512 bytes] World crude oil production currently is booming. It increased by more than 2 million b/d in 1996 and was likely to grow by a similar amount in 1997 and possibly even more in 1998. By the year 2005, world crude and condensate production may be as much as 15 million b/d higher than the 1996 level. A study recently completed by Petroleum Economics Ltd. (PEL) looked in detail at the expected changes in crude oil supply in relation to changes in refinery demand, with particular emphasis on the quality distinctions, particularly in the Atla...

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