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Peak Oil News Wednesday August 23rd 2006
Russia Overtakes Saudi Arabia as World’s Leading Oil Producer
Statistics recently published by the oil cartel OPEC show that Russia is currently extracting more oil than Saudi Arabia, making it the biggest producer of “black gold” in the world, the British Financial Times reported on Wednesday, Aug. 23. The latest figures have been hailed in Russia as evidence that Moscow really does have a right to lay claim to the number one spot.
An Open Letter to my Friends in the Media
"I assume that most media outlets that report the story by the Moscow News would describe it as good news regarding Russian oil production. What the Moscow News is not reporting is that current Russian production is 2.8% below its December level. As I outlined in a recent article regarding net oil exports, "Net Oil Exports Revisited", I estimate that oil exports from the top 10 net oil exporters are probably now falling at a double digit annual rate."
Oil output set to peak, but no fuel shortage
Oil production looks set to peak in the mid-to-late 2020s, but the decline will be offset as high fuel costs accelerate the quest for other energy sources, notably natural gas, UBS said in a study published on Wednesday. Advocates of the peak oil theory that supplies are close to their maximum levels say it is gaining credence in the investment community. "The cry of peak oil production has been made several times and on each of these occasions the prediction was incorrect," the UBS report said. "Exactly when it will occur is very difficult to estimate ... However, the fact that consumption is outstripping new discoveries by more than 400 percent suggests that further increases in global reserves may be nearing an end."