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Pioneer Natural CEO says U.S. light crude in ‘good demand’

(Reuters) – Shale producer Pioneer Natural Resources Co Chief Executive Officer Timothy Dove said on Wednesday light crude from United States oilfields is in good demand in the world markets.

“This light sweet blend of crude oil works in a world where we’re trying to reduce sulfur content,” Dove said on a post-earnings call.

“So it’s right down the alley of some of the big refining centers.”

U.S. light crude, which has a lower sulfur content, is easier to extract and refine compared to the various grades of oil covered under Brent crude pricing.

The U.S. has emerged as a big oil exporter due to a shale boom centered around the Permian basin of Texas and New Mexico, which has pushed domestic production to record highs.

Reporting by John Benny in Bengaluru; Editing by Shounak Dasgupta

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