An Open Letter to my Friends in the Media

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?

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