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To: John Pitera who wrote (107261)	6/7/2001 3:39:20 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 436258

John, the Brent discount is the normal state of affairs - it's a heavier type of crude with higher sulphur content, roughly comparable to the Saudi Arabian sludge. it's tougher to refine...when the discount disappears, it signals tightness in supplies SOMEWHERE. doesn't necessarily have to be in the US. last year non-OPEC production FELL by 4% approximately, in spite of the price rise. depletion is taking its toll...

To: John Pitera who wrote (107261)	6/7/2001 3:39:27 PM
From: pater tenebrarum	Respond to of 436258

John, the Brent discount is the normal state of affairs - it's a heavier type of crude with higher sulphur content, roughly comparable to the Saudi Arabian sludge. it's tougher to refine...when the discount disappears, it signals tightness in supplies SOMEWHERE. doesn't necessarily have to be in the US. last year non-OPEC production FELL by 4% approximately, in spite of the price rise. depletion is taking its toll...