Still on light posting mode…but I think this should be noted in contrast to the Oil Drum’s recent discussion I noted on Saudi Oil.
Russian oil output could peak at more than 510 million tonnes annually in 2010, or 10.2 million barrels per day (bpd), Russian Energy Minister Victor Khristenko said on Monday.
“It will reach a certain plateau of production within the time frame of 2010,” Khristenko told reporters. That plateau would be about 510 to 520 million tonnes a year, he said, or the equivalent of about 10.2 to 10.4 million bpd. In September, Russia produced 9.53 million bpd, which was a post-Soviet high, according to Energy Ministry data.
And let’s not forget that Russia currently is neck-and-neck with the Saudi’s on oil production:
Russia is chasing Saudi Arabia’s title as the world’s top crude oil producer. Saudi Arabia pumped 9.6 million bpd of crude oil in September, according to the U.S. Energy Information Administration.
But unlike the Middle East’s oil giant, which chooses not to pump at full capacity, Russia is keen to see production hit record highs. Saudi Arabia has surplus capacity of up to 1.4 million bpd, according to the EIA.
More oil worries to ponder on.