Re: oil query

[Daniel Davies <dsquared@xxxxxxxxxxxxxxxx>]

I'm not an oil analyst, but a good broker knows a little bit of everything
...

"barrels per day", when used in that context, is usually "barrel of oil
equivalent" (boe).  BOE is a unit of energy, like BTUs.  It's equal to about
6 billion joules, which is the energy you would release by burning a barrel
of crude oil.  The reason one talks in BOE is precisely the one which I
think underlies your question; it's so you can put different petroleum
products on an equal footing.  Particularly useful when talking about the
North Sea oil field, where you have a number of fields that produce both oil
and natural gas.

But I'd add the usual caveat ... a good broker knows a little bit of
everything, but usually knows it wrong.  So I will immediately demur to any
genuine experts who reply.

best

dd

-----Original Message-----
From: PEN-L list [mailto:PEN-L@xxxxxxxxxxxxxxxx]On Behalf Of Robert
Naiman
Sent: 16 July 2004 17:27
To: PEN-L@xxxxxxxxxxxxxxxx
Subject: oil query


any oil experts on this list? or any referrals to same?

i need to ask someone questions like

"when analysts or journalists refer to millions of barrels of oil produced
per day, what products are they typically including?"

thanks in advance for any assistance.

--
Robert Naiman
Senior Policy Analyst
Venezuela Information Office
733 15th Street, NW Suite 932
Washington, DC 20005
t. 202-347-8081 x. 605
f. 202-347-8091
(*Please note new suite number and telephone*)
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