More oil found

[AdeOlly]

Not a RED herring at all... middle east crude is heavy and yields less light fuels, i.e. petrol & diesel than light crudes, such as our very own Brent, and more heavy fuels such as heating oil, of which there is a glut at the mo. This is reflected in the prices which do vary by source. Iranian crude fetches about $4/brl less than the Brent benchmark.

Apparently Iran which produces some of the heaviest of all crude has huge amounts in tankers and is having a hard task finding buyers, i.e. refineries, who want maximum petrol & diesel output.

 

[brianhumber]

Re: More oil found ha - its been known about for decades

It was a quiet news day so some journo stuck a story up without all the facts. This is not new oil its been known about for decades. The oil found on my parents farm in West Suusex in the 1930s is still down there .
Most of this oil needs high prices to get at it or the Eulers equation tells us the flow rates through the strata are very slow.
Other oil around the world takes a long time to get at, my last job with BP in the early 90s was Angola, this field only started flowing last couple of years, has taken billions to develop - which is where the profits go.

Brian

 

[lenseman]

200 dollars a barrel by early July!

Just been said on Sky News (01:17hrs 7 June 2008)

 

[Renegade_Master]

"Can some explain why we as a nation have oil, why we as the populaion"
________________________________________________________________

Thats a cracking opening line, still trying to figure it out? :~)