Oil mill Oil mill An oil mill is a grinding mill designed to crush or bruise oil-bearing seeds, such as linseed or peanuts, or other oil-rich vegetable material, such as olives or the fruit of the oil palm, which can then be pressed to extract vegetable oils, which may used as foods or for cooking, as oleochemical feedstocks, as lubricants, or as biofuels. The pomace or press cake - the remaining solid material from which the oil has been extracted - may also be used as a food or fertilizer. Oil-rich vegetable materials have been processed mechanically to extract the valuable oils
World oil market chronology from 2003 two major oil suppliers reducing supply generated fears of a repeat of the 1973 oil crisis. The mid-July decision of Saudi Arabia to increase oil output caused little significant influence on prices. According to the oil minister of the Islamic Republic of Iran, Gholam-Hossein Nozari, the world markets were saturated and a Saudi promise of increased production would not lower prices. Several Asian refineries were refusing Saudi petroleum in late June because they were over priced grade. On July 3, "the Brent North Sea crude contract for August delivery rose to $US145.01 a barrel" in Asian trade. London Brent crude