Valero Energy , a refiner that processes lower quality crude oil into products like gasoline and jet fuel.
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The basin has some veteran oilfields, which in the last century have given up 27 billion barrels of high-quality crude and still produce 740, 000 barrels a day.
The discounts have widened over the past year, playing into Valero's hands: 70% of its refineries are equipped to process the lowest-quality crude, a higher proportion than at any of the other big refiners.
Considering the results from three other wells already completed, engineers figure that Taq Taq holds more than 2.7 billion barrels of high-quality crude and could produce as much as 200, 000 bpd for ten years.
The prolifically productive shale oil formations, like the Bakken Shale in North Dakota and the Eagle Ford Shale in Texas, produce very high quality crude that is in no way similar to Bitumen.
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Heglig and Bamboo produce low-quality crude.
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One unexpectedly hit high-quality light crude oil, enough to produce 100 barrels a day.
Pengassan members monitor the quantity and quality of crude leaving Nigerian terminals, and some observers have said the strike threatens to cripple the country's export capability.
Participants were reacting to the loss of high-quality Libyan crude and its subsequent faster-than-expected resumption, Middle East unrest, the U.S. credit-rating downgrade over the summer, and the ongoing euro-zone sovereign-debt crisis.
The quality of Nigerian crude means that IOCs have little alternative but to continue to operate in the country, where competition has increased in recent years with the entry of IOCs from China, India and South Korea.
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With production capacity for high-quality, low-sulfur crude offline in Libya, Yemen and Sudan, the cartel is unable to compensate.
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It will also impose costly refinery modifications and require and necessitate increased importing of higher quality, non-California crude oil feedstock.
Reformers cannot constantly wave this idea around as though they are the only ones who care about teacher quality, and then plug their ears whenever critics point out that tests are a very crude, very imprecise measure of student achievements and teacher quality.
The production is crude, as is the low-quality footage from VHS, but Jobs is captivating.
Competition will be tough: tariffs on the new pipeline are ten times lower than for the line through Chechnya, and the crude oil received at Supsa, known as Azeri Light, is of higher quality than Russia's Urals Blend that flows via Novorossiisk.
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