The global oil market appears to be well-supplied, even as the OPEC+ production cuts begin to whittle away at excess barrels. But while crude may be ample, there are growing problems within the market for refined products, including an emerging glut of gasoline. The bottom line is that gasoline supply is surging while the market for other products is tightening up. There are multiple reasons for this. First, the crude slate itself is helping to create these imbalances. The surge of U.S. shale production has made the global crude mix lighter and sweeter. Light sweet oil tends to produce relatively more gasoline when it is refined. Medium and heavier oils produce more diesel and other middle distillates, and less gasoline. Shale output has surged in recent years, leaving refiners with more gasoline-friendly crudes to process. At the same time, because of skyrocketing shale production, OPEC+ is backing out barrels […]