From 24/7 Wall Street:
BP (BP) last week said it found an oil field deep under the Gulf of Mexico that could yield as much as one billion barrels of oil and gas.
Not to be outdone, yesterday Brazil said its Guará offshore discovery could have two billion barrels of crude and gas. When this is added to the Tupi and Lara fields recently found by the Brazilian oil giant Petrobras, the total yield could be close to 12 billion barrels. It has been years since deposits of this size have been found anywhere.
The size of the BP and Brazil discoveries will add to the debate of whether global oil supply is dwindling and if this will cause prices to rise sharply over the next decade. Oil demand should lag well behind capacity, at least for the next year or two.
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