Rigzone.com reported on Why Does Heavy Oil Matter?
Around the globe, some of the most prolific basins, such as Mexico’s Cantarell oilfield, are reaching or already into maturity and have begun to experience reduced production rates. What large conventional oilfields remain lie mostly in the lands of Middle Eastern, OPEC nations. At the same time, the world’s demand for oil continues to grow every year, fueled in part by the rapidly growing economies of China and India. This declining availability of conventional oil combined with rising demand has driven up oil prices and put more pressure on the search for alternate energy sources.
