You seem to be the first to mention, something that I think is of supreme interest: How adaptable are the refineries? All oil must have variations in its properties, and every refinery must be able to cope with a certain amount of variation.
If you have a refinery that's built for heavy sour oil, how much lighter and sweeter can it handle without any modifications at all? And how much time and money does it take to broaden its range further?
What are the heavier grades used for, I'd imagine stuff like bunker fuel and asphalt? If the prices of those end products went up, wouldn't the market adapt to a certain degree, say using more concrete and less asphalt, etc?
If you have a refinery that's built for heavy sour oil, how much lighter and sweeter can it handle without any modifications at all? And how much time and money does it take to broaden its range further?
What are the heavier grades used for, I'd imagine stuff like bunker fuel and asphalt? If the prices of those end products went up, wouldn't the market adapt to a certain degree, say using more concrete and less asphalt, etc?