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🛢️ This chart explains why 30 countries just released 400 million barrels of oil and it didn't work.
Most people think crude oil is one product. It's five. Let's dive in:
🔸 Light Sweet: golden, low sulfur, easy to refine. Produced by the US and UAE. Bought by Europe.
🔸 Medium Sour: darker, higher sulfur. Produced by Saudi Arabia, Iran, Iraq. Bought by China, Japan, Korea.
🔸 Heavy Sour: even dirtier. Iraq and Kuwait. Bought by China and India. 72% of Iraqi exports go to Asia.
🔸 Extra Heavy: nearly black. Canada and Venezuela. Requires specialized upgrading. Bought by the US.
Each grade needs a completely different refinery. You cannot swap them. A Chinese refinery built for medium sour will reject American light sweet the same way a diesel engine rejects gasoline.
Now here's the problem.
The Strait of Hormuz carries medium and heavy sour to Asia. Iran just shut it. 84% of that crude was headed to China, India, Japan, Korea. The 400 million barrel emergency release? Mostly light sweet. The one grade Asian refineries can't use.
They flooded the market with the wrong blood type and are wondering why the patient is still dying.