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Fears emerge over Russia's oil output

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posted on Apr, 14 2008 @ 05:09 PM
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Fears emerge over Russia's oil output


www.ft.com

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.
(visit the link for the full news article)




posted on Apr, 14 2008 @ 05:09 PM
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It does seem, like North Sea oil, Russia has hit her peak.

The emerging economics in the far East are putting a HUGE demand on energy and commodities. Russian government officials have commented, but have nothing confirmed the reports.

www.ft.com
(visit the link for the full news article)



posted on Apr, 14 2008 @ 05:22 PM
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The United States has peaked, Mexico has peaked, North Sea, and now Russia. Saudi Arabia has most likely peaked as well. Sure we still have lots of oil, but we're not going to be putting out more than we currently do despite the ever growing demand.



posted on Apr, 14 2008 @ 05:33 PM
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There might be quite abit of oil left, the problem is that it is not easy to get to. We'll spend more energy than what we recover. There will be an Energy deficit. Most of the world has hit peak oil production, which means that we'll be hitting Peak Human Production before long. We can only support so many people with the resources we have, aka Energy, Food, Medicine, etc.


[edit on 14/4/08 by MikeboydUS]



posted on Apr, 14 2008 @ 05:52 PM
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i was talking to a guy this weekend working in the north sea oil field for appachi. He was saying that although the company have said there is 5 more years supply in the field he is re working, the oil is of ever decreasing quality because of the high sulphur quantity due to the way the oil was extracted in the past, allowing the build up of anarobic micro organisms which when flushed along with the oil are causing havoc with much of the metal scrubbers and such on the rigs he reckons only a couple of years supply of oil until it just costs to much in raw materials to keep on extracting



posted on Apr, 14 2008 @ 06:00 PM
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reply to post by satire111
 


Thats the biggest problem, those kind of costs. Companies will try to offset those costs by raising prices, but there will come a point that price hikes will not help at all. Raising prices does not create energy. Eventually the Energy deficit will outweigh any profit.



[edit on 14/4/08 by MikeboydUS]



posted on Apr, 15 2008 @ 03:22 PM
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news.bbc.co.uk...



Is it possible that Russia is only claiming to have a decrease in production to force the price per barrel even higher? They could be storing oil else ware and then move it onto the market at a higher value at a later time.



posted on Apr, 15 2008 @ 03:37 PM
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Why should Russia be expected to pick up the slack? Besides, maybe they also need to stockpile for their own use. With the coming huricane season upon us, just imagine how that will effect oil prices. It won't be long before we're all rationing again. China has made some statement about halting some factories due to air pollution for the olympics?

Do they know something else we don't yet know?



posted on Apr, 15 2008 @ 03:37 PM
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Just said this in another thread about the same.

Is this russia doing to the US what the US did to the USSR?

Negate the threat (and get a bit of payback) by crippling the US economy.

It's just a different set of tools being used is all...



posted on Apr, 15 2008 @ 06:02 PM
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Increased consumer costs aside, there may be a larger conundrum facing global economies. How can oil dependent nations expand their economic output...without a corresponding expansion in energy resources...primarily, oil?

The unwinding of the credit markets, means that dwindling US economic growth can no longer rely on the issuance of debt (estimated 70% GDP). With a diminished production/manufacturing base, and declining, or even flat global energy supply, how will the US manage to grow itself out of recession?

Volker-esque recovery measures don't appear to be in the offing with this Fed...under this administration. Recession + Dollar flight + diminishing energy supply = the mother of all perfect economic storms.



Originally posted by aleon1018

China has made some statement about halting some factories due to air pollution for the olympics?


Eventually the Chinese may discover that it's cheaper to heat homes, and fuel industrial parks by burning US Dollar reserves....than by purchasing oil products.



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



I say both motivations apply.

Rather than the outright "dumping" of Dollars, I look for China to continue stepping-up it's divestment of foreign currency reserves, by exchanging them for much needed assets of real value.



posted on Apr, 15 2008 @ 06:06 PM
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how about restart everything...cause everyone is in confusion and the future ain't bright anymore..




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