Farther, deeper, colder is now the mantra as crude producers scour the globe.

[phantom power]

That oil's not only cold, it's deep(*).

OTTAWA -- If Saudi Aramco's $7-billion (U.S.) Khursaniyah oil project had come on stream at the end of 2007 as scheduled, the world economy might not be staggering under $135 crude prices.

The planned 500,000 barrels a day of Khursaniyah production would have been like a cool drink of water for an oil market thirsting for additional supply.

Instead, the project was stalled by delays in the construction of a processing plant needed to treat the natural gas liquids that Khursaniyah would produce along with the light, relatively sweet crude oil.

http://www.theglobeandmail.com/servlet/story/LAC.20080614.RCOVER14/TPStory/Business

(*)I just posted this to say that.

[Zachstar]

1. What are they thinking?

It aint going to be that high production for years. It wont but a serious dent in oil prices till then.

[bluedawg12]

2. There's not going to be a dent ever-

peak oil occured sometime in 1972 according to experts and the SA's have over estimated their reserves to give them better market share vs. competitors.

The big problem is that oil consumption will go up from emerging nations, population will rise as will enerhy demand and the oil reserves are dropping.