http://www.vitaltrivia.co.uk/2005/08/26
the "takeaway":
> The key point is that non-OPEC light sweet crude went from 41% of 66 mb/d to 34% of 70 mb/d from 2000 to 2004, a drop of 3.26 mb/d. OPEC added 1 mb/d of light sweet crude over the same period resulting in a global reduction of light sweet crude of over 2mb/d showing that global light sweet crude has peaked and is now in decline.
>
> Although the total volume of 'oil' extracted in 2004 compared with 2000 has increased, the proportions of different grades of oil have shifted. Light sweet crude is the most attractive because it is easier to refine, global refining capacity is geared to light sweet crude of which there is now a shortage. This shift in grades has resulted in a shortage of refining capacity for the available medium/heavy sour oil and tough competition for the reduced amount of light sweet oil available.
-- John S Costello joxn.costello at gmail.com "No cord or cable can draw so forcibly, or bind so fast, as love can do with a single thread." -- Robert Burton