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"The market doesn't believe OPEC claims of adequate supply. The author doesn't explain why refinery problems result in higher crude costs...and doesn't mention that the Saudis are increasingly replacing light, sweet crude with the sour stuff."

Well for one thing the author is based in the Persian Gulf and of course he not going to mention his Saudi comrades are playing 'sour' games.

If you have any links on hand relating to the Saudis pulling that stunt please post in here. People need to be informed about our 'royal' Wahabbist 'allies'.

If you have any links on hand relating to the Saudis pulling that stunt please post in here.

I'm sorry but I don't have any easily available. I believe Simmons talks about it...and Valero stock has jumped like crazy because its refineries can process sour crude.

I don't know whether I'd call the replacement a Saudi stunt. They have no choice. They simply don't have enought light, sweet crude to meet demand.