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Drivingforfun I used to do a lot or work with Total and so I got the opportunity to learn a lot about how modern oils work in comparison to the oil produced say 50 years ago.
Anyway, what surprised me talking to the boffins was that modern oils don't break down like they used to, and these days oil will do the same job at 500,000 miles as it did at 50 miles.
However, it is the filter that needs to be changed, and obviously levels need to be kept right to avoid overheating and the physical burning of the oil which causes the deposits to form which create the blockages and debris in the filter.
I have also heard a similar account at Castrol who I have also worked closely with in the past, so it wasn't just a one off, and in fact an old friend of mine used to road test engines over many thousands of miles without an oil change to prove the point and there was no difference in how the engine wore.
The manufacturers usually give recommended oil change intervals because that is how they make their money, but the reality is that changing often is not a requirement and I was told that in some cases changing too regularly can actually cause damage.