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...)

[Tender Branson]

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.

[Fmr President & Senator Polnut]

And they still haven't gotten into the VAST Siberian reserves yet.

[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. 

[opebo]

No, the overall long term trend for oil production will be downwards from now on, though Russia is the last fronteir for this sort of thing.   

Also it is absurd to suggest that the minute areas of the US where oil exploration is banned contain enough oil to make a significant difference in american production.

[Colin]

No, the overall long term trend for oil production will be downwards from now on, though Russia is the last fronteir for this sort of thing.   

Also it is absurd to suggest that the minute areas of the US where oil exploration is banned contain enough oil to make a significant difference in american production.

But what about the tar sands of Alberta? When we figure out how to extract oil from those, which is more about finding a cheap way to do it, they have enough oil to keep us supplied for another 500 years, or something like that.

[opebo]

But what about the tar sands of Alberta? When we figure out how to extract oil from those, which is more about finding a cheap way to do it, they have enough oil to keep us supplied for another 500 years, or something like that.

Actually there are much nicer tar sands in Venezuala, Colin.  But anyway, such things are very expensive.

[Colin]

But what about the tar sands of Alberta? When we figure out how to extract oil from those, which is more about finding a cheap way to do it, they have enough oil to keep us supplied for another 500 years, or something like that.

Actually there are much nicer tar sands in Venezuala, Colin.  But anyway, such things are very expensive.

The Albertan ones are larger. That's why they are being coveted more by energy firms. Of course they are now very expensive that's why they are still researching for cheaper ways to extract oil from tar sands. I don't doubt that they'll come up with a solution, necessity is the mother of all invention and money making is the father.

[I spent the winter writing songs about getting better]

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. 

No. Thea mount in ANWR is isignificant. It'd only last 9 months. That'll be nowhere near the number produced in the past.

This is good news, since as imperfect as it is Russia is still far preferable to Saudi Arabia.

[opebo]

But what about the tar sands of Alberta? When we figure out how to extract oil from those, which is more about finding a cheap way to do it, they have enough oil to keep us supplied for another 500 years, or something like that.

Actually there are much nicer tar sands in Venezuala, Colin.  But anyway, such things are very expensive.

The Albertan ones are larger. That's why they are being coveted more by energy firms. Of course they are now very expensive that's why they are still researching for cheaper ways to extract oil from tar sands. I don't doubt that they'll come up with a solution, necessity is the mother of all invention and money making is the father.

The Venezualan ones are enormous, nearly as big as the Canadian ones.  The reason the Canadian ones are being developed is the relatively advantageous political situation for corporations there.

[MasterJedi]

And to get independent of Arab oil we start buying as much from Russia as we can. Kick the Arabs and their oil to the curb as fast as possible.

[Colin]

But what about the tar sands of Alberta? When we figure out how to extract oil from those, which is more about finding a cheap way to do it, they have enough oil to keep us supplied for another 500 years, or something like that.

Actually there are much nicer tar sands in Venezuala, Colin.  But anyway, such things are very expensive.

The Albertan ones are larger. That's why they are being coveted more by energy firms. Of course they are now very expensive that's why they are still researching for cheaper ways to extract oil from tar sands. I don't doubt that they'll come up with a solution, necessity is the mother of all invention and money making is the father.

The Venezualan ones are enormous, nearly as big as the Canadian ones.  The reason the Canadian ones are being developed is the relatively advantageous political situation for corporations there.

Well that usually is a defining factor opebo. I would much rather do business in Alberta than in Venezuela just because of the better political stability, better educational standards, and more America and business friend atmosphere current in Canada.

Also you know what this means. Russia is the next country to be invaded.

[opebo]

And to get independent of Arab oil we start buying as much from Russia as we can. Kick the Arabs and their oil to the curb as fast as possible.

Haha!  What a ridiculous idea, masterjeddy.  Their oil is indispensable.  Even if 'we' buy from the Russians, it doesn't change the fact that the loss of middle east oil, or even a significant fraction of it, would collapse the world economy.

[I spent the winter writing songs about getting better]

The problem is that Russia consumes most of this oil themselves, and they don't have as much to export.

Until the Alberta tar sands can be extracted, alternative energy is the only way to get away from Muslim oil.

[Tender Branson]

The problem is that Russia consumes most of this oil themselves, and they don't have as much to export.

Until the Alberta tar sands can be extracted, alternative energy is the only way to get away from Muslim oil.

Accoring to this page here: http://www.infoplease.com/ipa/A0922041.html

Russia exported 6,7 mio. barrels a day out of it´s total production of 9,3 mio. barrels. This is slightly lower than the US produces daily. They just consume 2,6 Mio. barrels a day by themselves. While the US produces 8 mio. barrels a day, it consumes more than 20 mio. a day.

And i agree that alternative energy and maybe the research on fusion reactors are the future if we want to come away from the need to import oil from volatile regions.

[phk]

And to get independent of Arab oil we start buying as much from Russia as we can. Kick the Arabs and their oil to the curb as fast as possible.

As long as the Indian/Pakistani and Chinese economies grow by 8%+ per year, Arabs will always customers.