[Southpaw]

Yeah, not the first time this has happened.

Russia is nr. 1 because Saudi Arabia has cut it's production by a couple of millions of barrels, while russia is pumping everything it's got.
Objectionable text and ad hom attack deleted.. Public warning: Knock it off.-FL

[KevO]

Yeah, not the first time this has happened.

Russia is nr. 1 because Saudi Arabia has cut it's production by a couple of millions of barrels, while russia is pumping everything it's got. Objectionable text and ad hom attack deleted.

who are you on about?

[TheDude]

Looks like a bit of a horse race at this point, actually.

[Maddog78]

Saudi says they still have 4 mbd idled.

http://www.bloomberg.com/apps/news?pid=20602099&sid=aE2qTDleDejc

Sept. 22 (Bloomberg) -- Saudi Aramco, the state-run oil monopoly, sees little chance of pumping crude from idle fields next year because a recovery in world demand has yet to begin, its chief executive officer said.

Saudi Arabia has idled about 4 million barrels a day, or one-third of its crude-oil production capacity, according to the oil ministry. The Dhahran-based company, the biggest exporter of unrefined crude oil, is spending $90 billion to develop new reserves and refineries over five years to 2012.

The world’s most influential oil producer is leading OPEC members in cutting a record 14 percent of daily output, contributing to the 56 percent rally in crude prices since December. Global demand for oil is expected to rise by 1.27 million barrels a day, or 1.5 percent, next year, according to the International Energy Agency, not enough for Saudi Arabia to resume all of its idled fields.

[AirlinePilot]

Thats what they say Maddog, after careful study I dont believe it.

[Maddog78]

I tend to believe it but I do leave a little room for doubt.
It does seem like it will be a few years before they are put to the test though.

[rangerone314]

Prediction:

when the economy starts cooking and oil demand goes up, and the price starts to move to $100/bbl, the Saudi's will declare they are happy with that price (to hide the fact they can't increase production)

[Maddog78]

There is no doubt in my mind they can increase production.
Whether it will be the full 4 mbd more than the present rate is what I will question.

[copious.abundance]

>>> LINK <<<

Russia’s oil production bucks trend to hit post-Soviet record
Tamsin Carlisle
October 03. 2009

Russia pumped more than 10 million barrels per day (bpd) of crude last month, a level not bettered since the collapse of the Soviet Union in 1991. Thew new record consolidates Russia’s position as the world’s largest oil producer.

Russian output rose to 10.01 million bpd from 9.97 million bpd in August and from 9.84 million bpd the previous September, the country’s energy ministry reported at the weekend.

The strong showing put Russia 25 per cent ahead of its nearest rival, Saudi Arabia.

[...]

[lowem]

Yeah, not the first time this has happened.

Perhaps more people would notice if they could maintain that lead more consistently.
Last I remembered it was only on a boe basis and only for a short period.

[Sys1]

Please correct the thread's title : "Saudi Arabia oil production undertakes Russia"
I think it gives a better idea of global oil production's graphic shape.

[copious.abundance]

>>> LINK <<<

Russia to Top Record 2009 Oil Output Next Year
Dow Jones Newswires|Tuesday, October 27, 2009

Russia, which has now surpassed Saudi Arabia as the world's largest oil producer, expects to top record 2009 output next year due to production from new oil fields, the deputy energy minister said Tuesday.

Sergei Kudryashov predicted 2010 production would be more than 490 million metric tons, the official output forecast for 2009: "This has been written into the budget," he was quoted by Interfax news agency as saying.

[...]

[pedalling_faster]

Can you say PetroRuble?

http://www.nzherald.co.nz/section/story ... D=10397661

let's call it the Puble.

who registered Puble.com ?
http://puble.com/

[shortonsense]

OMG!!! MORE MULTIPLE PEAKS!!!

[copious.abundance]

They're on a roll!

>>> LINKY-POO <<<

Russia sets new oil output record in Nov
Wed Dec 2, 2009 3:01am EST

* Third consecutive month above 10 mln bpd
* Fourth consecutive monthly record
* Pumping more oil than Saudi Arabia
* Nov natural gas output up 9.7 pct
* Gazprom Nov output up 8.3 pct

MOSCOW, Dec 2 (Reuters) - Russia produced more than 10 million barrels per day of oil for the third consecutive month in November to retain its position ahead of Saudi Arabia as the world's top producer, Energy Ministry data showed on Wednesday.

Russian output reached 10.07 million bpd last month, setting a new post-Soviet record for the fourth straight month, as state-run sector leader Rosneft's (ROSN.MM) Vankor field ramped up production. Russia had produced 10.04 million bpd in October.

[...]

[dissident]

Nobody really knows the size of Russia's oil reserves. The estimates of 69 billion barrels are some sort of joke. When Khodorkovsky (of the Yukos oil company) was tried and imprisoned he claimed that the reserves were much larger. I think he was not lying and was spilling the beans out of spite since they are supposed to be a state secret.

Over at TOD they have convinced themselves that Russia is past its second peak and will rapidly decline in production. Their decline rate is predicated on the silly reserve figure (whether they admit it or not). A more realistic analysis would indicate that Russia's reserves are on the same order as those of the historical US reserves and the decline profile will be similar to the US (i.e. they will be at 5 million bpd around 2040 and not before 2020). BTW, the lower 48 states production never exceeded 8.3 million bpd and there were a massive number of wells (i.e. it was not a case of conservative extraction compared to Russia; in addition the wells were properly managed so the peak was not limited by field damage due to over-extraction and the resulting depressurization).

[rangerone314]

OMG!!! MORE MULTIPLE PEAKS!!!

You know, you are right.

If you tilt the graph on its side, 2005 is higher than 1988.

[dissident]

The USSR peak is not equivalent to the Russian peak since you need to subtract Azerbaijan, Kazakhstan, Turkmenistan and Uzbekistan. Also the dip in production in the early 1990s was purely economic and this has produced the second peak (which appears to be under revision as of now).

Anyway, the production volume is related to the reserve size. Otherwise you would have cases where countries with tiny reserves produce over 10 million bpd for short periods of time. There is no example of this on this planet. How can anyone take the reserve estimate for Russia being similar to Kuwait's seriously? Has Kuwait ever produced 10 million bpd and more? Kuwaiti oil is prime and readily accessible. A big fraction of Russia's oil is not.

[evgeny]

Worsening water scarcity puts it on par with other key resources - such as oil, nonferrous and ferrous metals, natural gas. I think after five, maximum ten years, Russia's export of water can become a reality. The possibilities for our country for this lack. And many of our neighbors have water needs, "- said the chairman of the organizing committee forum, Duma Speaker Boris Gryzlov. As you know, in Russia holds about a quarter of the world's fresh water.

Figures show that it is time to treat water as a strategic resource, even more valuable than oil or gas. At present, in countries where water supply below the level of sufficiency, live 2.3 billion people, a normal quality of drinking water is not available in more than a billion people. Some 40 countries by more than 50% depend on water that comes from outside. In this regard, experts predict that in coming decades on the planet can begin large-scale war over water resources. Actually, these resources are directly or indirectly, have often become the cause of armed conflict (in the last half century, such has happened at least 20, and the number of disputes on the ownership of water resources has reached 500). Amid gloomy predictions about the coming "water wars" (which will be far violently than the current "oil") huge amounts of fresh water from Russia caused some jealousy, hope.

Just before the forum "Clean Water 2009" Israeli President Shimon Peres in an interview with the American military publication Defense News suggested that "having a huge territory, natural resources and scientific potential, Russia could take a leadership role in reducing world poverty hunger and water shortages. According to Perez, in the next decade the world's population will increase by 100 million people, most of which will join the ranks of the hungry and thirsty.

The same caution and international experts. Operating under the auspices of the World Bank Group on Water 2030 "issued a new report which says that if you do not take immediate action, then by 2030 the demand for fresh water in the world will be 40% higher than the current proposal. Experts estimate that about one third of the world's population will have access to only half of the necessary water resources.

export of water has long been a stable and profitable business. Every year in the world sold more than 100 billion liters of drinking water, and profits in this industry reach $ 1 trillion per year (representing 40% of annual profits of oil companies). The world market for drinking water control ten corporations, the largest of which - the French Vivendi Universal and Suez - serve more than 200 million consumers in 150 countries. The main method of delivery of water - the same as that of oil: tankers and tanks. Or even bottles. It turns out expensive, and therefore is exported only high quality water suitable for drinking. Basically, it, like oil, extracted from the earth.