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Jump in US Gulf crude exports is bad news for refiners

Sources say that 6 million barrels or more of Mars sour crude are ready to ship out of the Gulf of Mexico next month to foreign markets including South Korea, up from roughly 2 million this month. But the rise in Mars crude exports, despite increased Gulf of Mexico production, threatens to further strain American refiners as they search for alternative heavy crude sources in the wake of US sanctions on Venezuela, reduced OPEC supplies and production cuts in Alberta.

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