Can you say PetroRuble?

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

YAY, Go Kremlin.

Push off SA, I knew all along that you didn't really have all that oil.

Like the US before you are now petrohistory

Funny...I didn't hear anything about this on Faux News this morning...

Interesting read, the part where they say the Saudi's can just up production at any old time and reclaim the #1 spot when they want it was really interesting. Considering all the trouble I have read about that they are having in maintaining their current production.

If they have the space capacity to just pump more oil, what are we talking about here. Theres no peak oil. The Saudi's will come to our rescue.

SA is kind of like the alcoholic who says "I can quit any time I want to...I just don't want to right now."

SA just doesn't want to produce any more right now...But if they wanted to they could.

I saw a hot rod magazine in the grocery store the other day that had a story in it about a Saudi Prince's palace garage full of hot rods. In the article it showed him in various garbs including tailored and color coordinated robes and head scarves that matched the ride he was standing in front of. Then there were also some pictures of him in western-looking street clothes with more hot rods. The look on his face was "I'm da man."

A few years from now that same guy may be on the cover of "Fast Camels."

If they could, that would mean the oil cliff is further away, good news.

I read lately about them having trouble.

So can they or cant they just ramp up production. How high can they go.

It their issue a logistics issue. A matter of not enough rigs to pull enough out at once? Or are they on a precipace?

linky

This turns out to be very convenient for Saudi too.

While everyone is watching Russia and paying attention to Russia, Saudi will quietly be able to lower production, lower projections, and eventually announce to the world that Ghawar has peaked, all without creating a big stinkypoo since after all Russia will be on the scene.

Yes just like the Neocon movie ended
Russian tankers coming to poor ole usa's aid...sniffle...

Apparently, the Russians disagree with the Saudis that there's no market for all the extra oil right now.

This is all commie propaganda On a seasonally-adjusted basis, the daily oil and gas condensate production in Russia fell by 0.3% from May to June and grew by 0.2% from June to July. The preliminary data for June released on July 3 overstated the output by 0.3% (it said 1321 thousand tonnes a day when the corrected number that came with this news is 1317000 tonnes a day). Interestingly enough, the monthly Russian oil production data without gas condensate are no longer available as of January 2005.

Perhaps they have their own internal markets to feed. Or they are producing more amounts of better quality oil. Remember, Saudi is shutting in heavy sour crude which doesn't have so much demand in the summer.

Russia is overrated as an oil player.

LOOK at their reserves.

It's only half of Iran's.

The Russians must be using "super straws" to suck out oil at a faster rate. I seriously question the wisdom of this strategy. Why in such a hurry to bring oil out of the ground now and sell it for $70 / barrel when you can wait a little longer and get double - triple the prices?

Furthermore lets not forget that Russia has already hit PO.

Maybe the russian government knows more than we do?

Oh please, reserve numbers are blatant lies. We can't even fully trust production history.