Posted on 08/26/2006 12:28:30 AM PDT by tessalu
Aug. 26, 2005 — Recent reports suggest Russia has overtaken Saudi Arabia as the world's largest oil producer, a fact that at first glance could have dire consequences if U.S. companies and consumers become more dependent on Russian oil. But first glances can be deceiving.
Statistics recently published by the Organization for Petroleum Exporting Countries show that Russia is currently extracting slightly more oil than Saudi Arabia, making it the biggest oil producer in the world, according to a recent story in the Financial Times. Both countries produce slightly more than 9 million barrels of oil per day. The OPEC statistics show that in June 2006 Russia extracted 9.236 million barrels a day, about 46,000 more than Saudi Arabia.
The United States is the world's largest consumer of oil, accounting for about 20 million barrels per day of the world's 86-million-barrel output. At a time when oil supplies are tight and price fluctuations regularly squeeze consumers, Russia's emergence has implications for the oil market.
(Excerpt) Read more at abcnews.go.com ...
For all of its warts, Russia is a heck of a lot better place to send our oil money than the Middle East.
"Relations between the US and Russia are cooling."
Another reason to expand our biofuels industry as quickly as possible. A lot quicker to do than developing new US oil fields, oil shale, or nuclear.
The KGB would readily take care of Islamic issues if required. For the Russians...this is a cash deal...nothing more.
And how do you trust anything written about the Russians. The story could be reversed in a week. Wait and see.
For one thing, it means we should rethink our policy toward Russia. It actually means we should have rethought it about 10 years ago.
In the late 1990s, the world consumed about 80 million barrels of oil per day and produced about 85 million.
Makes it sound like actual production instead of production capacity. So 5 million BPD surplus for 365 days/year for 10 years equals 18.25 billion barrels. Where was this oil stored? And he thinks it continues today.
Today worldwide consumption is closer to 85 million barrels, and production levels hover near 86 million
Refining companies shun American-produced oil? Does he think we export our oil? Or by shunning does he mean we won't talk to the oil and treat it as our friend?
He noted that production levels have declined over the years in most oil-rich countries, including Saudi Arabia. Any extra production, be it from Russia or elsewhere, will likely replace the declines from traditional oil exporters.
Russia is not a traditional oil exporter? They have supplied oil to other nations longer than nearly any other country. Meerzoeff built the first Russian refinery in the mature oil fields at Baku in 1861. At that time Baku produced about 90% of the world's oil.
No, it is not a place where you want to send oil money. Russia is a very dangerous country.
There is a lot of money going to Russia. They have some HUGE projects in design and construction right now. They have a lot of resources that have barely scratched the surface in exploration.
Well, every country and its citizens have got a right to survive and prosper!
Giving money to Russia is almost as bad as giving it to Saudi Arabia...
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