Another dynamic is the US refineries built before the shale boom are designed to process a blend of light crude and imported sour crude.
Hence why the US exports some of its light crude and imports sour crude from Canada, Middle East etc.
Cant see anyone investing in new refineries at this stage so I guess the US will continue to produce more light crude than it has refining capacity for. Hopefully there's plenty of export demand for it.
Something I don't get is why OPEC target USD60+ oil price, only to lose market share to the shalers at those prices.
Why not target around USD50-55, which seems to keep a lid on Shale production growth, and allow OPEC to regain market share ?
Another dynamic is the US refineries built before the shale boom...
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