What is Peak oil?
"The term Peak Oil refers to the maximum rate of the production of oil in any area under consideration, recognising that it is a finite natural resource, subject to depletion."
--Colin Campbell
Russia has peaked according to LUKOIL
Submitted by Mikael Höök on Tue, 2008-04-15 08:30.
A new article from Financial Times discusses the emerging fears over Russian oil production. Russia is the world’s biggest oil producer and the second largest oil exporter.
Leonid Fedun, the 52-year-old vice-president of Lukoil, Russia’s largest independent oil company, told the Financial Times he believed last year’s Russian oil production of about 10 million barrels a day was the highest he would see “in his lifetime”.
Viktor Khristenko, Russia’s energy minister who is pushing for tax cuts that could stimulate investment, said last week: “The output level we have today is a plateau, stagnation.”
Read the article from Financial Times here: http://www.ft.com/cms/s/0/282adfd4-0a4c-11dd-b5b1-0000779fd2ac.html
Article also available from: here
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