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
Russian Oil Output Falls for Ninth Straight Month
Submitted by Mikael Höök on Fri, 2008-10-03 08:13.
Russia's oil production fell for the ninth straight month in September as producers struggled with rising costs and maturing fields, bringing the world's second- biggest crude exporter closer to its first annual drop in output since 1998.
Mature fields in the key producing regions and new developments occurs in remote areas. In July, parliament approved tax breaks championed by Prime Minister Vladimir Putin to spur investment in national oil production.
Total exports fell 10 percent year-on-year to 5.14 million barrels a day. Exports via OAO Transneft, the country's crude oil pipeline operator, slid 9.1 percent to 4.13 million barrels a day from last year.
Read more: Bloomberg News
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