Producing oil is different from having a long position in oil itself, or oil futures. I'm not saying this to be pedantic, cause long is already a technical term.
It’s a good job you’re not saying it to be pedantic, because it is certainly incorrect. If you produce oil you are long spot oil (from your inventory available for delivery) and you are long future oil as well (from your proven reserves and inventory in transit and refining). It is different in that you long in the cash market and are long your specific grade of oil (which is not precisely identical to that on the futures contracts) but you’re still long.
