NOVELTY - A fungible bio-oil comprises biomass-derived components and petroleum-derived components, where the weight ratio of the biomass-derived components to the petroleum-derived components is at least 1:1 to not greater than 20:1, where the fungible bio-oil composition has an organic oxygen content of not greater than 15 wt.%.    USE - As fungible bio-oil (claimed) used for producing biofuels and/or specialty chemicals; and for producing transportation fuels, hydrocarbon chemicals and/or specialty chemicals.    ADVANTAGE - The composition exhibits enhanced processability. The fungible bio-oil has a cycloparaffins content of not greater than 8 wt.%, a furanics content of at least 1 wt.% (preferably at least 2 wt.%), and a BTX content of at least 5 wt.% or at least 2 to not greater than 50 wt.%. The bio-oil has an oxygenated hydrocarbons content of at least 20 wt.% to not greater than 80 wt.% or at least 10 wt.% to not greater than 40 wt.% and has non-oxygenated hydrocarbons content of at least 20 wt.% to not greater than 80 wt.% or at least 10 wt.% to not greater than 40 wt.%. The fungible bio-oil has a mid-boiling point of at least 150 degrees C to not greater than 400 degrees C. The bio-oil has an organic oxygen content of not greater than 25 wt.%. The fungible bio-oil has a density of at least 0.70 g/cc to not greater than 1.20 g/cc, a viscosity of at least 1 cP to not greater than 100 cP, and an average molecular weight of at least 200 amu to not greater than 800 amu. The fungible bio-oil has an aromatics content of at least 40 wt.%. The fungible bio-oil has an organic oxygen content of not greater than 15 wt.% and a total acid number (TAN) of not greater than 30 mg KOH/g. The bio-oil has low cost and wide applicability; and is more miscible with conventional refinery streams. The process dilutes many of the undesirable reactive species in the initial bio-oil, thereby mitigating the negative effects these reactive species cause on transporting and processing the bio-oil in conventional refineries. The method is applicable where it is desirable to efficiently and effectively produce bio-oil, upgrade boil-oil and/or produce a number of useful products from the byproducts of biomass conversion.    DETAILED DESCRIPTION - An INDEPENDENT CLAIM is included for a process (P2) for producing fungible bio-oil, involving: combining a bio-oil having an organic oxygen content of not greater than 15 wt.% with a petroleum-derived composition to produce the fungible bio-oil, where the weight ratio of the bio-oil to the petroleum-derived composition in the fungible bio-oil is at least 1:1 to not greater than 20:1.