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Oil & Gas Technical Compendium

Latest Permian basin oil supply surge to feed global markets

NEW YORK (Bloomberg) Exports of the Permian basin’s newest kind of oil are set to jump as production surges, exceeding the appetite of U.S. refiners.Sales of the new grade, known as West Texas Light, began in September, as explorers sought to separate out increasingly lighter and less sulfurous crude bubbling up from wells in West Texas and New Mexico, so it wouldn’t lessen the quality of U.S. benchmark West Texas Intermediate. WTL supply has grown to over 500,000 bpd, a nearly four-fold rise from last year.While some of that is staying close by, most will need to be exported. Even as ample shale barrels and tighter supplies of heavier crudes have encouraged U.S. refiners to process the lightest oil since 1990, that may reach a limit soon......

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