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Russian oil production has peaked and may never return to current levels, one of the country’s top energy executives has warned, fuelling concerns that the world’s biggest oil producers cannot keep up with rampant Asian demand.
The warning comes as crude oil prices are trading near their record high of $112 a barrel, stoking inflation in many countries.
Originally posted by aleon1018
China has made some statement about halting some factories due to air pollution for the olympics?
China Fund Buys Nearly 1 Percent of BP
Tue April 15, 2008
That fund is the State Administration of Foreign Exchange (SAFE), an arm of the central bank that manages China's $1.68 trillion in currency reserves, the Financial Times reported last week. It said SAFE's stake in Total of 1.6 percent was worth about $2.8 billion.
Analysts say it is unclear whether the purchase of stakes in Western oil majors reflects China's desire to secure energy assets to fuel its booming economy, a drive which has led to big investments in Africa, or simply a case of diversifying assets. Full Text