We seem to be having Oil Production Update Week here at Early Warning, and today it's Russia (currently the largest oil producing nation in the world). In the 2007, 2008 timeframe it appeared that the Russian resurgence was over with production peaking and starting to go down, as Russia struggled to maintain production from all the worked-over Soviet-era oilfields in West Siberia, with limited new projects to bring on line. But then in 2009 there was another half mbd increase (apparently mainly from East Siberia).
Now in 2010, it appears this latest increase has been slowing down again, though I certainly wouldn't want to call peak on it.
Stuart, that certainly looks like a peaking process, especially given the price increase from 2005 onward.
ReplyDeleteKenneth Worth