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My 93 7.3 idi only has 45K original miles (not a misprint), but emits too much blue smoke. It burns less than a qt of oil per thousand miles. I did a search on this forum, and valve seals were suggested as a likely problem. I haven't done a compression or leak-down test.
My car mechanic said there is a fuel additive designed to counteract a diesel's blue smoke, but that sounds too easy.
Blue smoke mostly caused by Worn valve guides, or seals
Cylinder &/or piston ring wear
Cylinder glaze
Piston ring sticking
Incorrect grade of oil.. Too thin and getting past rings, or valve guides
Fuel dilution of the oil, making it too thin.