Heading Out

Seeking the winds that help to sail on Shakespeare's tide.

Tuesday, December 21, 2004

Is Russian Oil Peaking?

One of the things that is starting to bother me in reading the various books that are now out on the Peak Oil situation is the number of errors that are in them. I was just looking at a report from Ireland that comments that Saudi production may have peaked, but neglects input that the Saudi's are just bringing on stream from one of the major Southern oilfields there. There was another report that the US production will peak in 2009, when in fact it peaked back in 1970. Thus I become more doubtful about some of the predictions that lie out there, from both sides of the argument.

However there are some sources that are generally more credible than others. One is the Oil and Gas Journal which has just suggested that Russian production may have peaked. If this is so it is of concern since, in June for example, the United States was importing 321,000 barrels a day of oil from over there.

If that is now threatened, and the UK production is threatened, and the Norwegian supply is a concern, and the Columbian production is going down - and China is after some of the oil we get from Veneuela - well life could start to get a little interesting.

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