zoidberg wrote:Maybe they keep adding barrels of oil equivalent like natural gas liquids, biofuel so thats why the barrels number gets higher, while actual oil production isnt rising as fast.
efarmer wrote:Could it be that catalytic cracking and refining are more efficient? They do end up with more than a barrel of net liquids from a barrel of crude after refining because things like gasoline are far more volume and less density than what they are derived from.
efarmer wrote:Since a tonne of oil is 1000 kilograms mass and a barrel is 42 U.S. gallons
of volume the only guess I have is we have been averaging progessively
lighter crude supplies or measuring in colder temperatures, or both.
I know they use BOE and TOE (barrel of oil equiv. and tonne of oil equiv.)
to adjust for varying energy content of crude by weight or volume.
I assume the money goes down for TOE and BOE and that the
weight versus volume trends and variances are adjusted out.
Either that or money is dumber than I believe it to be.
dinopello wrote:I would look for some other fundamental trend that would point to a correlation. For example - most likely the specific gravity of oil (on average) is getting smaller. Do "heavy" crudes or "light" crudes have (in general) the lower specific gravity ? What about "sweet" and "sours" ? I know specific gravity and viscosity are generally not correlated.
HumbleScribe wrote:My only contribution is to add that tonnes of oil equivalent is a unit of energy, not volume.
The tonne of oil equivalent (toe) is a unit of energy: the amount of energy released by burning one tonne of crude oil, approximately 42 GJ (as different crude oils have different calorific values, the exact value of the toe is defined by convention
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