Russia Oil Peak happened in 2007

Russia Oil Peak in 2007

www.ziua.ro

The general director of Lukoil , Leonid Fedun warning that the total Russian oil output reached the maximum (peak) in 2007. Also he states that it will be unlikely that the same production capacity to be reached again at any time in the future. He compared the West Siberian reserves to those from the North Sea and Mexico where the petrol output is declining . In order to keep the current 2008 output Russia will need to spend one trillion us $ .

(visit the link for the full news article)



[edit on 15-4-2008 by sty]

The news is translated from a Romanian respected newspaper . Quite interesting, it looks like for the first time in 10 years , Russia is not able to maintain or increase the oil output. For 3 months in a row, the Russian output of petrol is decreasing. I wonder whether this is just a game or for real. If true, then we could say that the oil peak is happening or has just happened in 2007..

www.ziua.ro
(visit the link for the full news article)

Pressure to force up the price of oil some more and hurt the US economy would be my guess - especially as they are on the decline at the moment.

This may be a case of russia doing to the US what the US did to the USSR, only with a different set of tools.

reply to post by budski


It would be hard to really know if the oil peak is artificial or not. My guess is : both , the oil peak is real but it is manipulated in order to control economies. Europe also depends on Russian energy - especially gas.. I guess we should really push for alternative energies.

Russia is trying to modernize many things, but not everything. They have oil facilities that have years of neglect and many are past the point of modernization. They are building new facilities for gas production and shipping.

This all takes money. The income from oil is going into the general funds along with income from other natural resources Russia sells. They just can't pump the money produced from oil back into more production.

The current Russian leadership is putting more money into the military to keep up the show of Soviet strength they once had. This is more important than new wells and new pipelines.

reply to post by hinky


I agree, in the end they will still have enough money as the price will rise while they reduce production.

[edit on 16-4-2008 by sty]

reply to post by budski



I think you are correct. I think it is just a ploy to continue driving up the prices. Keep the gravy train rolling.

I just really hope for some "magic" technologies to be made public , in order to replace petrol! If this is not happening, then Western/Easetern Europe and of course US will loose the lead.

reply to post by sty


Well, didn't they just find a huge field in South Dakota and another one in Brazil? Something tells me that they are just stringing us along for the ride. They keep telling us that it is almost over to keep the prices up, then find some more to limp us along a little longer. Just enough to keep us on oil and keep prices high.

Just because they found a new field somewhere doesn't mean that peak oil is a lie.... of course we are going to find new pockets, doesn't mean there will be as much as before..

I think we are past peak, but I also think we are being jerked around.. as always...

and to be fair.. if the U.S really had a huge oilfield under SD.. they would have tapped that ass sometime ago.. lol

at the end of the day..oil needs to be cut loose.

Originally posted by pynner
Just because they found a new field somewhere doesn't mean that peak oil is a lie.... of course we are going to find new pockets, doesn't mean there will be as much as before..

I think we are past peak, but I also think we are being jerked around.. as always...

and to be fair.. if the U.S really had a huge oilfield under SD.. they would have tapped that ass sometime ago.. lol

at the end of the day..oil needs to be cut loose.

I guess that the exploitation cost is the one to decide if they drill for petrol or not. If the price goes high enough then it could be profitable to carry on extraction.. but when you need one liter of petrol in order to extract another liter of petrol , then of course you better forget it..