November 6, 2008

Top Ten Original Oil Endowments by Nation

A key ingredient of Russian and American power in the 20th century was the vast oil reserves of both states. America's was exploited earlier; Russia came on strong in the last two decades. But both are declining. We saw previously the US oil production profile. Here is the Russian profile
The Financial Times reports, April 15: “Russian oil production has peaked, one of the country’s top energy executives has warned, fuelling concerns that the world’s biggest oil producers cannot keep up with rampant Asian demand… Leonid Fedun, vice-president of Lukoil, Russia’s largest independent oil company, told the Financial Times he believed last year’s Russian oil production of about 10m barrels a day was the highest he would see ‘in his lifetime’.”

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