cexported its first-ever cargo of U.S. West Texas Light (WTL) oil last month, ac...
NEW YORK - cexported its first-ever cargo of U.S. West Texas Light oil last month, according to a source familiar with the matter, sending the shipment to South Korea, which has been testing this oil as a replacement for Iranian barrels.
Reuters reported earlier this month that South Korea has been testing WTL, a super-light oil, as a possible substitute for Iranian condensate as it seeks alternatives for those shipments after Washington reimposed sanctions on the Middle Eastern nation. South Korean refiners SK Energy and Hyundai Oilbank earlier this year turned away two cargoes of condensate produced in the Eagle Ford shale region due to quality concerns.WTL is a relatively new stream of oil produced in the western Permian basin with an API gravity - a measure of oil density - of about 44-50 degrees. That is similar to condensate, an extremely light oil which mostly occurs as a byproduct of natural gas production.
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