SUGAR LAND, TX -- (Marketwire) -- 05/16/12 -- Written by John Egan for Industrial Info Resources (Sugar Land, Texas) -- North American Petroleum Refiners are investing hundreds of millions of dollars in capital and maintenance projects to process the light sweet crude oil produced from the continent's shale formations, Chris Paschall, Industrial Info's vice president of research for the Petroleum Refining Industry, said in an interview.
Roughly 600,000 barrels of crude oil are being produced each day in the Bakken formation in North Dakota, he said. Production is surging there, as well as in other areas like the Eagle Ford and Permian Basin. These formations produce light sweet crude oil, which fetches a premium in the market, because it costs less to process than crude that is heavier or has more sulfur.
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