The great condensate con: Is the oil glut just about oil?
My favorite Texas oilman Jeffrey Brown is at it again. In a recent email
he's pointing out to everyone who will listen that the supposed
oversupply of crude oil isn't quite what it seems. Yes, there is a large
overhang of excess oil in the market. But how much of that oversupply
is honest-to-god oil and how much is so-called lease condensate which
gets carelessly lumped in with crude oil? And, why is this important to
understanding the true state of world oil supplies?