From the article:
(Notice the excerpt from the news announcement, followed by Jeffrey Brown's commentary)
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Russia Overtakes Saudi Arabia as World’s Leading Oil Producer — OPEC
Created: 23.08.2006 11:24 MSK (GMT +3), Updated: 13:39 MSK
Excerpt:
"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."
I assume that most media outlets that report the captioned story by the Moscow News would describe it as good news regarding Russian oil production. What the Moscow News is not reporting is that current Russian production is 2.8% below its December level. As I outlined in a recent article regarding net oil exports, "Net Oil Exports Revisited", I estimate that oil exports from the top 10 net oil exporters are probably now falling at a double digit annual rate. The captioned article provides additional evidence of the decline, since the June production number is below the May (EIA) production number for Russia.
I have a question for my friends in the mainstream media. Who among you is going to have the courage to step forward and "break" the story that the lifeblood of the world economy--net oil export capacity--is now declining?
Link to complete article here
This surely sounds like peak to me. Comments?