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How Much Does It Cost To Produce 1 Barrel Of Oil

11/19/2014 5:28 AM

Appreciate if anyone can advise how much does it cost to produce one barrel of oil for the different countries and/or region..eg..Vietnam, Cambodia, Indonesia, Malaysia etc .

Is there a site that one can go to for such info?

Thanks all!

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#1

Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/19/2014 5:30 AM

Even if you could get such information, it would be obsolete the next week or month or so.

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#2
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Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/19/2014 5:39 AM

In agreement on that...but is a useful inf/guide for at a point in time!

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#3
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Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/19/2014 5:46 AM

The people that actually possess such info are quite likely to try to keep it confidential. Any "info" you do get could well be just spoofed.

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#4

Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/19/2014 8:04 AM

Google 'cost to produce barrel of oil equivalent'.

Lots of data from different sources, but may not be current.

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#12
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Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/19/2014 11:45 AM

thx ...

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#5

Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/19/2014 8:36 AM

You're unlikely to find any exact info. The region has disputed reserves, and the cost of defending claims etc has to be factored in. Also, costs will change depending upon how much they end up fracking to recover more oil.

Are you interested only in oil from wells ? China is showing interest in coal-to-oil. Such development would have an effect on their costs.

There's an article on the general situation here.

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#15
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Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/19/2014 12:28 PM

thx...

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#43
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Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/20/2014 6:05 PM

I have been away from fuels Technology research for several years now,but asI recall from work at that time:

  1. The price to drill for,extract and recover crude oil can vary widely due the location (deep water, temperature of the oil coming up from the ground, number of dry holes or depth of a well or field as well as the cost of the reserve). Crude oil prices are closely monitored by oil investors.
  2. the price of fractionation products (not speaking of " fracking" here) consists of the oil cost to the producer and refining costs (the later amounted to <<$1/gallon at that time). Of course transportation costs have to be added in all along the way.
  3. The price at the pump has more to do with taxes, intermediate handlers, shippers and local costs.

The Chinese have more recently been investing in coal to oil technology due to their large low value coal reserves. The SASOL Technology was in the news at 1 time, but I don't believe plants were ever built there. SASOL Technology was based on coal gasification and the Fischer-Tropsch reaction scheme developed in Germany during WWII, and the SASOL Corporation likely employs the world's largest pool of Organic Chemists. SASOL Corporation has had 2-3 plants in S Africa for years now. I believe SASOL is listed on the Swiss Stock Exchange.

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#44
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Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/20/2014 7:21 PM

Having worked at Sasol 1, many years ago, I'm fairly sure it exists ! There was no way they were going to tell anybody the cost of getting a barrel of oil.

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#6

Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/19/2014 8:37 AM

I cannot think of anything less likely to be in the public domain.

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#7

Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/19/2014 8:38 AM

2 bucks

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#8

Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/19/2014 8:41 AM

A simple web search would have revealed any number of sources.

You should try that before coming here and asking us to do the work for you.

This is what it sells for. Nobody is going to tell you what the cost to produce it is.

Since oip companies make billions of dollars in profit every year, it's safe to guess that the cost to produce is much lower that the selling price.

Crude Oil and Commodity Prices

November, Wednesday 19 2014 - 08:36:44

WTI Crude Oil
$74.61 ▼-1.03 -1.38%
2014.11.18 end-of-day

Brent Crude Oil
$78.47 ▼-0.84 -1.07%
2014.11.18 end-of-day


Crude Oil Price, Oil, Energy, Petroleum, Oil Price, WTI ...

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#13
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Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/19/2014 11:53 AM

Thx for the info....have already done the web search before this...and noted that the production cost varies ...but if someone knows of a site that I may have missed then it would be helpful.

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#16
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Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/19/2014 12:32 PM

Are you serious? No multi-billion company is going to publish that!

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#22
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Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/19/2014 11:32 PM

Wait a minute, I can give out my secrets and you can then out sell me buy busting my pricing at the pump. Now how fair is that, I say yes I can do that if you ask real nice.

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#25
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Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/20/2014 3:11 AM

Not giving WikiLeaks much credit now are we?

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#38
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Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/20/2014 10:41 AM

once again, I have to wonder why on the one hand, you haunt CR4, and on the other, you relentlessly promote the idea that those responding to questions are not intrinsically more valuable, in many cases, than a web search. People come here because they find people who have experience. The web has no integrity or experience.

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#9

Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/19/2014 9:27 AM

Cost of production is by the well. Exploration, drilling, pumping, contractual agreement and maintenance is all part of it. A well that is deeper will cost more to drill and maintain. Land that is producing like farm land or cattle ranching will be more of a cost then say something barren. Labor costs change in areas. Cost of exploration changes with environment. Cost of recovery changes with depth of the well and remoteness of the environment.

So many variables.

So if a well is not making money with the current price. Which is by supply in demand.

You shut it down until it can. Not like it's going anywhere. Some say it's as safe as the gold in Fort Knox or more so.

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#27
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Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/20/2014 3:22 AM

GA

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#10

Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/19/2014 10:30 AM

The question is too general....it's like asking how high is up? The answer will be different for almost every producer, and every well....and it will vary over time....Then you have to consider what criteria you include in 'cost to produce'....To truly answer this question you would have to go through the financial statements of the oil producer companies, and then average the cost over time....Ballpark figure under $50 and over $10....Bear in mind the oil is already existing, so in a sense it's free, you just have to find and recover it...so the nature of the oil viscosity and location is what determines cost....

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#17
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Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/19/2014 12:32 PM

thx...that's a reasonable ballpark....depending on location + all the variables as indicated by all here!

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#26
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Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/20/2014 3:22 AM

Or maybe like someone asking about the location of a speeding bullet: "Where is it?"

"There. No, there. No, there. No, ..."

Even if we knew the answer, it would change even as the answer left our lips. Ballpark figures are the best we can give, based on historical info. "How much does it cost to produce a b.o.e.?" is like asking "Where's the bullet now, exactly?"

GA

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#35
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Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/20/2014 8:58 AM

you can figure out where the bullet is if you know how fast it is going. Historical pricing data does that in this instance. Of course, pricing data should reveal some fairly accurate production values, as profit margins are relatively constant over time. What it will not tell you is what the cost should be, if all of the environmental issues were remediated. Those expenses are currently not included in the cost of oil, crude or refined. They, like many industries, get a free pass. Like a tax credit that I finance for them.

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#48
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Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/21/2014 9:46 AM

You need to stop pontifficating, and start showing the sources of your information, which I doubt you actually have. Do you have any "water softeners" for sale? Bridges? BS artist.

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#49
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Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/21/2014 10:22 AM

http://appvoices.org/the-human-cost/

Some basic places to start. Wake up James. I sell energy. What do you sell? I depend on combusting fuel, but it is a suicidal culture for the planet. I am trying to create recognition of a cause and effect. The planet will become more noxious and more unhealthy, and uninhabitable for all except the most affluent. Maybe not in your lifetime, but maybe for your children or grandchildren.

http://www.nrdc.org/energy/gasdrilling/

http://environment.nationalgeographic.com/environment/global-warming/pollution-overview/

http://www.safewater.org/PDFS/owp/lesson7links/ReversingWaterPollution.pdf

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#50
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Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/21/2014 12:19 PM

That sounds a bit like the weapons dealer having a fit of shame about his own business practices. To answer your question, I am not a salesman, just the dumbass who signed up for this berating. Given a few short more years, we will be moving on to other sources of energy, but will never stop finding current petrochemical uses for petroleum to be obsolete, as the number of applications are far too numerous to go into.

I just would like to see cheap oil for a while, as if the U.S. economy will recover from BHO running the show.

If you throw out petroleum use right now (as in this instant), first you have to choose which 2/3 of the human population should (a) die in the cold, (b) die of some nasty disease, or not be able to travel to a hospital, or (c) die of starvation.

We need less people on hobby horses decrying big oil, and more people coming up with ways to be a success in their own sphere, and also coming up with newer, better energy plans that have a micro-chance of working. About the time we figure all this out, and every one is satisfied, a big comet will collide with Earth, and we all start over anyway. Drink a cup of Earl Gray and settle down.

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#51
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Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/21/2014 1:13 PM

Why would you predicate making change on throwing out petroleum right now. That would be moronic, impossible and cripple our economy. Seems similar to the argument against eliminating coal and petroleum and gas subsidies, as it would (1) make fuel more expensive and (2) not solve the deficit problem.

Thanks for the S and Giggles, though. I wish there were more of me and less of you, as you suggest, but I'm fairly certain that when that happens, there will be rapid change. Until then, I'll just repeat what my foreman tells his machinists when they go FUBAR. "Thanks for coming in today"

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#11

Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/19/2014 11:13 AM

http://www.eia.gov/tools/faqs/faq.cfm?id=367&t=8

http://seekingalpha.com/article/2555485-how-much-does-it-cost-to-produce-1-barrel-of-oil-from-oil-sands-part-i

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#14
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Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/19/2014 11:56 AM

thx

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#18

Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/19/2014 6:58 PM

A whole heckuva lot less than they charge you for it!

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#19
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Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/19/2014 7:06 PM

I once calculated the height of a stack of dollar bills (USD) representing Exxon's revenue for one quarter. 110 billion I think. I forget which quarter, but the stack's height was nearly the diameter of the Earth. (but, as I'm highly dyslexic and nearly deaf and blind, someone else may wish to verify this)

If they're not laughing all the way to the bank, no one is.

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#20
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Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/19/2014 7:33 PM

Just don't try to frack oil anywhere near the CEO's little spread down in Texas.

He'll sue you.

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#21
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Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/19/2014 8:15 PM

No kidding.

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#23

Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/19/2014 11:36 PM

More important than how much to produce it, how much is it going to cost you to mitigate and remediate your one barrel of oil when it spills and makes an mini Exxon Valdez?

Good Luck, Old Salt

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#28
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Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/20/2014 3:31 AM

I understand BP and China are working jointly on developing a 'Green' nuke.

Just kidding. I submitted that idea to The Onion once, but as it wasn't thought of by them, they ...

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#24

Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/20/2014 12:09 AM

That person was correct. About $2.00 to $3.00
Oil originally sold for $20.00 per barrel and during that time Addis Ababa provided free schooling and free rent for its citizens out of the enormous profit they made from oil. Most of the pipes and equipment is 40 to 60 years old and it still costs them almost nothing to deliver a barrel of oil. It flows out of the ground in many places and pumping doesn't cost much.
They have so much money, they are buying property all over the world and most of them haven't worked a day in their lives. You see them sitting around with white robes on, drinking tea and chatting, while we slave each day to day the exorbitant cost of oil.

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Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/20/2014 5:14 PM

Someone eventually hits the lottery and enters a life of leisure if they so desire. And one day, that world comes crashing down when the lottery prize annuities finally run out. The smart winners will carefully invest their winnings and manage their money well, not spending foolishly. Others, . . . .

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#29

Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/20/2014 5:24 AM

Which Oil> ground nut oil, Hair oil, Transformer oil...???

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#30

Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/20/2014 7:52 AM

A whole lot depends on what you or someone means by produce. What I can tell is public knowledge as presented by the oil company,s I worked for. The price of extracting from the ground was posted on every bulletin board on every site I worked on from 2006 until 2010. In no case was it over $ 10.00 per barrel CDN. This included the oil sands and non oil sands sites. There was no mention of gas specifically so possibly it was included in the oil factor. One small site in Norther Alberta owned jointly by two oil companies published the information that they each made $ 1 million per day from this site which some years ago had been labeled as ( played out) but new technology revived the resource extraction. Take it from there of course deep ocean will be much more expensive especially if you are a BP type of operation.

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#31

Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/20/2014 8:06 AM

I'm disappointed in the number of ridiculous answers and snide remarks to this question.

Having worked in the oil & gas industry for over 35 years, I can tell you that it's not a 'secret' at all. Oil companies have to budget what they think they can sell the oil for before they go to the trouble of drilling and producing a well. Of course, they also must budget a reasonable profit.

I'm in sales and sell to oil & gas producers. They have no problem whatsoever telling me the price point at which they will drill or not. There are many factors that go into this, such as how long the price is down, long-term contracts with drilling companies, lease agreements that require drilling, etc.

The cost of a well varies a lot depending on the type of well and type of formation. A horizontal well with a long lateral section and 30-stage frac job will cost about 10 times what a vertical well with one or two frac stages. A gas well costs less to complete and operate than an oil well because an oil well in many areas must be equipped with a pump and storage tanks, etc.

Now the proponents of the shale plays are learning that the decline of these wells is very rapid. Some of these wells may produce 3000 barrels of oil per day (BOPD) for the first month, then drop to less than 100 BOPD less than a year later.

As far as costs in Vietnam, Cambodia, Indonesia, Maylaysia, etc., I don't know. Typically, it costs a lot more to drill in such areas because most people don't want to go there. It costs a lot of money to persuade people and haul equipment that far.

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#40
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Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/20/2014 11:16 AM

thx....good feedback!

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#46
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Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/21/2014 3:11 AM

Great. How much, then? Do tell, Mildred.

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#54
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Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/21/2014 5:27 PM

I was discussing the falling oil prices with one of my customers the other day and asked him. He is a small operator with perhaps 50-75 wells. He has one well is horizontal and it has been a disaster, now making about 1 BOPD. He said that they could get by at $50 per barrel, but they would not do any drilling at that price. At $10 they would shut down and go on vacation.

As someone else mentioned, the cost to pump the oil is a big part of the cost, as well as repairs to the pump, rods, & tubing. Repairing a broken rod isn't that expensive, but moving a workover rig in and pulling all the stuff out of the hole can cost thousands. Then you find that the packer won't release and you end up spending a week cutting the tubing and fishing everything out and before you know it, you've spent $50K on a well that only makes 10 BOPD.

It's easier to determine the economics in an established field that has a lot of wells that have been producing for many years. Operators of such wells know how much their electricity cost is, how often they can expect to pull each well for repairs, etc. For newer wells, it's a guessing game.

Another thing to keep in mind is the requirements set forth in the lease agreement. If the oil company owns the land, they can pretty much do what they want. If the land is leased, there are usually provisions about producing the oil (and gas) to best benefit the mineral owner. This can include a requirement to drill so many wells per year--regardless of the price, and may specify how long a well may be down for repair.

I know I still haven't answered your question, but there are just too many variables. It's like going to a car dealer and asking how much one of their cars costs.

It may seem odd, but there are companies that specialize in just plugging old wells. When they reach the point where it costs more to fix them than what the oil will bring, they get plugged. Hope this helps.

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#60
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Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/26/2014 9:53 AM

Steve: I heard one security analyst on FOX news the other day state that driving the price of oil downward right now is the best thing America can do for global security and peace. It has a special effect on Iran, and its ability to fund uranium enrichment. If Iran is going bust on their oil production, and not reaping a suitable profit from sales, then money will not exist for the production of weapons grade uranium/plutonium. Also, at some point the people of Iran will have had enough of the despots and through them to the curb, hopefully under the bus.

Therefore, I am calling upon all oil companies who understand liberty, and the struggle we are inexorably locking into, to maximize production of all even marginally profitable oil that can be crammed into the market. The price of oil will go lower (along with some aspects of the production cost (energy= production = energy= $$), the insane profits will continue to roll in, while marginal players with bad governments will fall to the way side, and ultimately lose the game. We only have a limited window of time to make this happen, before things get really uglier in the world.

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#32

Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/20/2014 8:42 AM

A whole lot more than it did when first discovered.

petroliadiscovery.com

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#33

Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/20/2014 8:46 AM

Are you talking about oil from newly drilled shallow conventional wells on land, newly drilled deep conventional wells on land, newly drilled horizontal wells on land, offshore wells in either the above varieties, re-worked existing "stripper" wells, wells in water flood projects, wells in chemical flood projects,.... See the problem with the question?

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#34

Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/20/2014 8:54 AM

approx cost of producing a barrel of oil is one third of its sale price.. rule of thumb!

However as the price peaked at over $100 this year and the cost of production went up, and now the cost of a barrel is under $85, the cost of production has not dropped. It never does!

The biggest cost factor in producing a barrel of oil is the cost of gas which in turn affects the cost of electricity, which is powering the Artificial Lift to get that barrel of oil out of the ground.

No, the oil does not come to the surface on it's own.. it has to be pumped. That could be by Beam pump, ESP or PCP, depending on the type of oil.

Gas lift can be used but that takes gas and that is expensive, and only works on newly drilled wells that have high formation pressure.

As for sites.. I found wikipedia to have very good info....

At present is cost about $35 to $50 per barrel to produce, depending on area and the cost of power.

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#39
In reply to #34

Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/20/2014 11:15 AM

thx.

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#36

Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/20/2014 9:18 AM

I can give you a rough idea of what it costs for small independents to produce oil from "stripper wells" in shallow fields that have been drilled for 100 years or more, as that is where I live - in the middle of an ancient field. (stripper well - produces 5 bbl/week or so) The costs involved are electricity to run the jack a few hours per day (most wells are 5 HP motors), pay for the lease tender to visit each well each week and record what is being produced, and paying a truck driver to wind his way back 40 year old lease roads to fill his truck from their collection tanks, and haul it to the refinery, on average about 15 miles away or so.

Twenty years ago when oil was around $55/bbl the wells were sitting mostly idle and no new drilling was being done. The lease roads were horribly deteriorated. As soon as oil popped up over $100/bbl the old wells were refurbished and the roads repaired, and even some new drilling started. When the price drops below $90/bbl they shut down some of the production, and quit drilling, as it is not worth it to them to produce at this price. Gives you an idea what this oil costs to produce.

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#37

Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/20/2014 10:19 AM

It is hard to say because costs vary per well. Older wells probably cost more to operate. I say this because when the price per barrel was over $100/barrel, all the wells in Oildale and Bakersfield, CA were running. Normally it looks like only 1 in 5 is running. So they were all pumping oil when it was cost effective to let them all run.

The only difference in cost per country would depend on labor costs. Those countries probably don't have to pay for medical and workman's comp insurance. However, overhead and materials costs are probably pretty much the same. The price for metal is the same everywhere and parts probably all come from the same place. Ownership and primary shareholders are all pretty much the same.

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#41

Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/20/2014 4:44 PM

Good luck on that one, but I would say that the answer is highly site specific, if you can get anyone to provide a true answer.

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#45

Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/20/2014 7:24 PM

For a ballpark figure, I would follow these steps, perhaps from stockholder info:

1) How many barrels of oil did the company produce? Call that B

2) How much money did it gross? Call that G.

3) How much did it net? Call that N

4) Solve B/(G-N)

That is, divide the number of barrels produced by the year's income minus the year's profit. That should be a good way to smooth out all the licenses, bribes, wages, capital investments, etc. that go into the cost of getting that oil found, recovered, and delivered to some customer.

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#47

Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/21/2014 5:17 AM

In the long run it will cost more than the planet can really afford.

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#52
In reply to #47

Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/21/2014 3:04 PM

How much is peanut oil per b.o.e?

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#53
In reply to #52

Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/21/2014 4:49 PM

It is the palm oil that is doing a lot of environmental damage today plus the damage by retrieving. processing and using millions of years of stored sunlight(oil gas and coal) over a couple of centuries.

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#55
In reply to #53

Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/24/2014 11:01 AM

Prof. Peanut: By palm oil, are you speaking of all the grease being applied to moron politicians' palms in Washington, CD (reads seedy), whose only foresight is the next election cycle? Palm oil, seriously? This is a minute drop in the bucket.

How I yearn for the days of actual statesmanship, citizenship, and leadership, but all those ships either sailed or were sunk in the harbor a long time ago.

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#59
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Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/25/2014 5:34 PM

Whatever side of politics a person is on we have to admit that there are no real leaders today. Someone who can grip the people , unite them and stand up to the tactics of big business. Palm oil is only a small player but the infrastructure around it is taking a toll. We have only one earth and it has a hard time supporting its own ecosystem without us adding to its burden. We must factor in the hidden costs of all production into pricing and production. Big business has no rules other than profit by any means. If this means destroying forests, polluting the atmosphere or cutting safety then the corporation will do so knowing that the individuals within are exempt from any criticism. We need a fire breathing unstoppable politician with oratory skills, one with a target in his sights and one is able to take that fight on. Alas, I see no such leader. Our own present leader in Australia is inept, arrogant and even the Christian church couldn't cope with him and stoped him from being a priest.

So, the price of a barrel of oil is anywhere from the cost of pulling it from the ground to the cost to the eco system from the form it finally takes when discarded. Sorry if this is a bit heavy but that is how I see it.

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#56

Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/25/2014 2:04 PM

Just sat next to a banker for the Maritime/Drilling industry and he talked about this [I talked about stuxnet]; emailed him for the numbers again, I was working on making up for 3 weeks in Saudi Arabia so was a little foggy about what he had said.

He emailed back:

Artic offshore oil production costs is at USD 85

Canadian sands 75

US fracking 65

UDW 57 [think UDW is an Offshore Africa/Europe operator]

Deep water some above 50.

Still the US oil is somewhat a floor as their production will go down and oversupply will be reduced before it hits offshore oil.

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#57

Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/25/2014 2:13 PM

IT costs about a hen weigh.

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#58
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Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/25/2014 4:11 PM

That's about what he said BUT had heard that stuxnet was in the merchant and drilling S7 systems but not causing any problems, nothing running > 400 hz inverters in what they bankrolled. Thought Langner's quote that the decision to deploy stuxnet might go down in history as equal to the 1914 decision to assassinate Archduke Ferdinand might be right, and yes, IT would take care of everything, they are on top of offshore PLC hijacking with the banks trading security or am i reading too much in IT.

I do think his "off the cuff" $#'s for oil was better than ballpark, in line with what you said.

Said the extra oil, driving the price down, is coming from many parked tankers and after Russia is hurt enough, and the tankers are empty, it will go back up.

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#61
In reply to #58

Re: How Much Does It Cost To Produce 1 Barrel Of Oil

11/26/2014 9:56 AM

I was referring to "it" not I.T. - but do go ahead with your analysis, even though way off topic like about 50% of most remarks on the forums as of late.

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