Tuesday, April 03, 2007

Oil sands' significance in world market

Canadian Oil Sands: New Twelve Month Volume High...per the story "The world’s largest oil sands producing facility scored another record twelve month average as it advances to steady operation at 350,000 barrels daily"...at an oil price of $60 a barrel, that is $21 million per day in revenue, or $7.665 billion annually. The company is Canadian Oil Sands Trust (COSWF)...according to the US Energy Information Administration's Basic Petroleum Statistics, world daily oil consumption for 2005 was 84 million barrels a day, so this source is now putting out four tenths of one percent of world demand...according to the EIA's same page, the top conventional US oil producer in 2005 was BP at 827,000 barrels per day, so this Canadian source is almost half that, a pretty significant achievement...

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