[frankthetank]

Not that i don't believe them, but it is possible that they would like to save some of that oil for themselves? I mean, if i had a country and was exporting away my most valuable resource and get funny money in return, i would probably say screw it, i'll keep the shit for myself and you asses can go bend over a tree. Try attacking me, i'll make your city glow.

Just of note, but I remember how these Russian women would marry to move out of Russia. Pretty soon American men will be trying to marry Olga to get into Russia! Huge landmass, lots of alcohol, potatoes, lakes, OIL...whats not to love?

Oh... you better like cold weather and herpes.

[Gandalf_the_White]

If the Russians are signalling they are going to produce less oil in the years ahead for whatever reason we are in major trouble. Oil will sky rocket this summer as this beings to be verified. Vlad is not as much of a dupe for the western world as they wanted him to be. Europe will be fine, the US will be a sun dried turd.

[Tyler_JC]

Let's see...

A barrel of oil sells for $110 and extraction costs in Russia are maybe half of that?

$50/barrel profit is a reasonable estimate in this environment.

You only need to extract 20 billion barrels to turn around and make a profit on that trillion dollar investment.

I'm surprised we don't see all of the major oil companies lining up to put up the money.

Oh wait, Russian politics are a pain and your investment will likely be stolen from you.

This isn't a geological peak, this is a political peak. Just like Iran and Mexico.

Geological peaks are so darn rare...

[KevO]

$this->bbcode_second_pass_quote('Gandalf_the_White', 'I')f the Russians are signalling they are going to produce less oil in the years ahead for whatever reason we are in major trouble. Oil will sky rocket this summer as this beings to be verified. Vlad is not as much of a dupe for the western world as they wanted him to be. Europe will be fine, the US will be a sun dried turd.

[Toyota1]

What i know, Russia have alot of oil left, not discovered yes

So if russia get investement, they can stay or even go up with there oil production 12,5 mill i estimate

[Twilight]

Well well well... Well well well...

Biggest producer in the world these days, and they have the guts to say it.

It does not matter whether it is a geological peak or not, though. Take a look at their production history - when was that not political? I doubt massive foreign investment would lift production much anyway, and certainly not for any important length of time. And there is no reason to do so either, considering their reliance on oil for district heating.

[cube]

$this->bbcode_second_pass_quote('Tyler_JC', 'L')et's see...

A barrel of oil sells for $110 and extraction costs in Russia are maybe half of that?

$50/barrel profit is a reasonable estimate in this environment.

You only need to extract 20 billion barrels to turn around and make a profit on that trillion dollar investment.

I'm surprised we don't see all of the major oil companies lining up to put up the money.

Oh wait, Russian politics are a pain and your investment will likely be stolen from you.

This isn't a geological peak, this is a political peak. Just like Iran and Mexico.

Geological peaks are so darn rare...

[steam_cannon]

That's a pretty good excuse...

Getting back to topic, for Russia it looks like things are happening
pretty close to what people expected...

image too big

http://www.peakoil.net/uhdsg/Default.htm

[Novus]

$this->bbcode_second_pass_quote('cube', '')$this->bbcode_second_pass_quote('Tyler_JC', '
')
Geological peaks are so darn rare...

[Twilight]

$this->bbcode_second_pass_quote('steam_cannon', 'G')etting back to topic, for Russia it looks like things are happening
pretty close to what people expected...

[Armageddon]

The US defeated the Russians in the cold war by conspiring with the Saudis to increase their oil production and flood the market with cheap oil, which drove the price way down and crashed the Russian economy. Maybe this is a way for the Russians to return the favor, but in a reverse way. Cut production, drive prices way up, crash the US ecomony as quick as possible before they invade more oil rich countries.

[dorlomin]

I have to say I am deeply skeptical at the 25% depletion figure for Sahklin I. It does seem pretty extream.

[cube]

$this->bbcode_second_pass_quote('Armageddon', 'T')he US defeated the Russians in the cold war by conspiring with the Saudis to increase their oil production and flood the market with cheap oil, which drove the price way down and crashed the Russian economy. Maybe this is a way for the Russians to return the favor, but in a reverse way. Cut production, drive prices way up, crash the US ecomony as quick as possible before they invade more oil rich countries.

[DantesPeak]

I started this thread to discuss the important ramifications of Russia' PO, which signals to me beyond doubt with SA also leveling off that we can unequivocally say we are going past peak worldwide (if we are not already).

[Don't even try to muddy the waters by mentioning 'all liquids'].

All we need now is for some oil exporter to suddenly realize that oil is money, and accumulating trillions of US dollars won't help much when there soon won't be enough food to go around.

Then who knows how high the price of oil will go.

[And those bikini pictures belong in a seperate discussion thread in the HOF].

[joewp]

[straightens shirt, hikes up pants]
Yes, well you're right Dante. This is a dire circumstance, and I think it's quite possible that the head of Lukoil is doing exactly what you said. How could he know one month after that the whole country has peaked? Perhaps he has realized that oil later is more precious than oil now and is making this announcement as cover for cutting back for saving for the future purposes. After all, the Saudis just admitted the same thing, and who knows what's on the minds of any of the other oil producers, even those confirmed past-peak.

I would be considering it strongly if I was an oil producer.



But we are faced with such bad news here day after day, it's just surprising and nice to see something pleasant in a thread once in a while.

[jato]

$this->bbcode_second_pass_quote('', '[')And those bikini pictures belong in a seperate discussion thread in the HOF].

[DantesPeak]

$this->bbcode_second_pass_quote('jato', '')$this->bbcode_second_pass_quote('', '[')And those bikini pictures belong in a seperate discussion thread in the HOF].

[FreakOil]

$this->bbcode_second_pass_quote('Toyota1', 'W')hat i know, Russia have alot of oil left, not discovered yes

So if russia get investement, they can stay or even go up with there oil production 12,5 mill i estimate

[wisconsin_cur]

$this->bbcode_second_pass_quote('Tyler_JC', '
')
Geological peaks are so darn rare...

[TheDude]

Hadn't heard about Sakhalin doing a nosedive. When was that announced?