Russia takes over as #1 oil producer, according to OPEC

[MODU]

"Russia Overtakes Saudi Arabia as World’s Leading Oil Producer — OPEC"

Statistics recently published by the oil cartel OPEC show that Russia is currently extracting more oil than Saudi Arabia, making it the biggest producer of “black gold” in the world, the British Financial Times reported on Wednesday, Aug. 23.

OPEC statistics show that in the period since 2002 Russian companies have surpassed the Saudis as the world’s biggest oil producers on an on-and-off basis. The latest figures, however, have been hailed in Russia as evidence that such periodic production spikes are no one-offs and that Moscow really does have a right to lay claim to the number one spot.

According to OPEC, in June 2006 Russia extracted 9.236 million barrels of oil, which is 46,000 barrels more than Saudi Arabia. The statistics also showed that Russian production in the first half of this year increased to 235.8 million tons, a year-on-year improvement of 2.3 percent.

(Cont...)

[MODU]

Yeah and the US production of crude oil in 2006 is at the same level as in 1946. In 1970 the US reached it´s highest production and 36 years later it´s only 50% anymore. While the US will have to import more and more oil and see a further increase in the current account deficit due to this, Russia will be swimming in a sea of Surpluses due to it´s vastness of resources.

Tell the politicians to stop objecting to drilling off the coast of California and Florida, as well as allow us to tap ANWAR, and we will produce much more than we have in the past.