Wednesday, April 23, 2008

Russia: "We have no more oil"

Just in time for the "peak oil" theory which has everyone in the world conveiniently forgetting the demand side of the equation when it comes to market prices, Russia is floating trial balloons such as the below. Best to remain skeptical of any claims regarding supply, demand, and prices of oil in a speculative bubble.

Russian Oil Has `Peaked,' Billionaire Vekselberg Says (Update1)
By Greg Walters and Maria Kolesnikova
April 23 (Bloomberg) -- Oil output in Russia, the world's biggest supplier after Saudi Arabia, has ``peaked'' and may decline in the coming years,
said billionaire Viktor Vekselberg,an owner of BP Plc's venture TNK-BP.
Russian companies need tax breaks to spur exploration and
development of new fields to revive growth, Vekselberg told an
American Chamber of Commerce conference in Moscow today.
Oil output is falling for the first time in a decade as
Soviet-era wells dry up and the costs of developing harder-to-
reach deposits surge. Russia pumped 9.76 million barrels a day in
March, down from 9.83 million in December, according to CDU TEK,
the Energy Ministry's central dispatch unit.
The output level we have today is a plateau, stagnation,''Energy Minister Viktor Khristenko said in an interview April 10.

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