U.S. Shale's Blows Leave Middle East Oil Producers Staggering
- U.S. light-oil flows to Asia erode OPEC members’ market share
- Jump in U.S. fuel exports spurs decrease in refining margins
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The U.S. oil industry is delivering a one-two punch to Middle East producers already reeling from a collapse in prices.
A tussle is playing out in the market for so-called light oils, which have a lower sulfur content and are less dense than heavier varieties. When processed, these grades typically yield a higher amount of fuels like gasoline and naphtha. And now, American supplies are weighing on prices for such crudes as well as fuels made from them.