Saudi Arabia Not Finding Buyers For Excess Oil- The Peak Sweet Blend debate

Oil extracted from Libyan oil fields has sulfur content between 0.01 to 0.07 percent, and is classified as “very sweet” crude. This sweet crude is heavily in demand from European refineries, since they are restricted to using this type of oil due to strict pollution rules. On the other hand, crude extracted from Saudi oil fields has much higher sulfur content and is classified as “sour crude”.