Peak Oil: Russia’s oil production is coming down

MOSCOW: Oil production in Russia, the second largest oil exporter in the world, is coming down drastically, says a new study.

Studies on Russian oil production by Aram Makivierikko say that the country has not been able to increase its oil production for three months in a row now. The production have been hanging slightly below the maximum of 9,93 Mbpd that was reached last year in October.


The report said if their oil production is stagnating, the impact is therefore going to be significant. Output has declined by between 0.5% to 1.5% for most major Russian producers, including the state-controlled Rosneft. Only LUKOIL and Tatneft managed to increase their output by 0.1% and 0.6% respectively.

Oil is a heavily used natural resource with a limited supply. Russia is one of the largest oil producers and the second largest oil exporting country in the world. Many surrounding countries are dependent on Russian energy. Swedish oil import from Russia has grown from 5% to 35% during 2001-2005.

Commodity Online