Russian oil production has peaked

[Kärnfysikern]

So is this gonna wake up the politicians or will they continue to ignore that oil production will start to inevitably decline.

The longer we do nothing the harder its going to be later on. I wonder how long until saudi oil peaks.

Fears emerge over Russia’s oil output

Russian oil production has peaked and may never return to current levels, 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.

The warning helped on Tuesday to push crude oil prices to a fresh all-time high above $112 a barrel, threatening to stoke inflation in many countries.

Leonid Fedun, the 52-year-old 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”. Russia is the world’s second biggest oil producer.

[buttercup]

more bicycles, weeeee!!

[Prada]

So is this gonna wake up the politicians or will they continue to ignore that oil production will start to inevitably decline.

The longer we do nothing the harder its going to be later on. I wonder how long until saudi oil peaks.

Fears emerge over Russia’s oil output

Ive been waiting for them to wake up for the past half decade. Hence, they will continue to ignore. Hey lots of tax dollars going into coffers.

[Act of God]

Brazil just scored and found HUGE oil fields. Additionally, recent science has suggested that oil wells replenish themselves over time.

[soulstealer]

Brazil just scored and found HUGE oil fields. Additionally, recent science has suggested that oil wells replenish themselves over time.

Ya I read up on this unfortunately we wont see the kind of production we need from brazil for like 10 years....

[J431S]

i think part of the reason oil price per barrel is going thru the roof is not becuz of supply shortages but rather becuz of the growing demand for gas in peoples' republic of china.....recent observation indicates millions of chinese are now driving automobiles than peddaling bicycle.....i think that's the undermined factor why oil price is skyrocketing for the last 2 years.....if u remmember quite well, 18 months ago a barrel of oil was only selling for $62 in the financial markets...now it is almost double....what do u think about that? well ---own a share of these oil corporation, and u will make a difference!!!

[Kärnfysikern]

Ive been waiting for them to wake up for the past half decade. Hence, they will continue to ignore. Hey lots of tax dollars going into coffers.

Its so damn anoying. Its fully technicaly possible to get off oil now. Sure it would cost like a son of a bitch and it would be rough. But waiting to long will mean much larger expenses and a much rougher ride.

Got to love politicians, they cant think further than the next election.

Brazil just scored and found HUGE oil fields. Additionally, recent science has suggested that oil wells replenish themselves over time.

Yes but even if the Brazil oil field is as huge as they think its still a drop in the ocean and might push back a global peak with at most a few years. We have so far consumed a trillion barrels of oil, the brazil oil fields are speculated to togheter at most contain around 40 billion barrels.

The oil field replenishing themself is a old theory that hasnt been proven. Its very controversial since it assumes a completely different origin of oil. http://en.wikipedia.org/wiki/Abiogenic_petroleum_origin
Even if it is true though we are not seeing any of the large oil feelds beeing replenished so it wont have any real impact on the oil production.

[Kratos]

I wonder how long until Saudi oil peaks.

Saudi Arabia’s oil production has been deliberately increased and decreased over the years in like with their role as the world’s “swing producer” – a country with enough capacity to open the taps to keep prices from rising too high and the political discipline to restrict production if prices fell. In the period from 2001 to the end of 2003, this “price band” was set by OPEC at $22 to $28 per barrel. At the beginning of 2004 oil prices moved above this band, and have never returned to it. This seems to indicate that OPEC members, and particularly Saudi Arabia, don’t have the excess capacity that would be required to bring the prices back within the traditional band. The suspension of the price band in 2005 seems to be in recognition of this new market reality. Saudi Arabia's oil may have peaked already, but at the current rate of production, from what I have read production will decline around 2025. More than half its production comes from one field, the Ghawar field. The raw data is not available to outside scrutiny so they very well could be overstating how much they have.

[Kratos]

Brazil just scored and found HUGE oil fields. Additionally, recent science has suggested that oil wells replenish themselves over time.

Not investing in an energy infrastructure independent of fossil fuels for the future is going to be a huge mistake economically. The reality of it is coming sooner than you think.

[Kratos]

The Saudi's really picked up all the slack when Iraq stopped producing due to American invasion. Their production has been declining since 2005, it was at a level they couldn't maintain so I would say peak production has been reached. Supply has been declining despite soaring oil prices. It is still above pre Iraq war levels.

[Prada]

I think countries like Saudi and Iran, who have blatantly expressed this, don't have the interest in increasing output for supply to increase and prices to lower. Why should they.

[Hoggage_54]

lol Kratos you love copying and pasting... at least put the source of your plagiarism!

[Kratos]

Either they can't supply the oil or they won't, I tend to think they can't, but it's hurting our wallets as American's or wherever you live besides an oil producing nation. It's still a solid argument for investing in new energy soloutions. We don't control our own economy, clearly a case for govenment intervention.

[Kratos]

I read 8 billion barrels on the Brazil discovery not 40, could be wrong though.

[Manorexic]

america is going to rape every country of there oil and then when there is none left we will start producing oil again.... ive heard there is more oil in alaska than has been jused in the last 50 years.... how they can accurately say that, i have no idea but .......

[Kratos]

I don't agree manorexic, you underestimate just how fast we are juicing it. We had like 21 billion barrels of proved oil as of 2000, and we use like 7 billon a year. So, if we were capable of juicing it (and we no way are) as fast as we use it we're set for only 3 years. There is a lot of undiscovered or untapped oil off the North Sea of Alaska but try getting it, not to mention the tree huggers won't let you. It would be a good plan though to rape everone else first. US production has only declined since the 1970's, hence the dependence on paying whatever the desert people demand.

[Manorexic]

i know we definintely go through a lot of oil in america.... but every day you hear about these huge new oil fields being discovered in alaska, gulf of mexico and canada what the hell is going on? why are we paying so much when they say its all right here? do they just say that to keep people happy?

[Hoggage_54]

Saudi Arabia’s oil production has been deliberately increased and decreased over the years in like with their role as the world’s “swing producer” – a country with enough capacity to open the taps to keep prices from rising too high and the political discipline to restrict production if prices fell. In the period from 2001 to the end of 2003, this “price band” was set by OPEC at $22 to $28 per barrel. At the beginning of 2004 oil prices moved above this band, and have never returned to it. This seems to indicate that OPEC members, and particularly Saudi Arabia, don’t have the excess capacity that would be required to bring the prices back within the traditional band. The suspension of the price band in 2005 seems to be in recognition of this new market reality. Saudi Arabia's oil may have peaked already, but at the current rate of production, from what I have read production will decline around 2025. More than half its production comes from one field, the Ghawar field. The raw data is not available to outside scrutiny so they very well could be overstating how much they have.

http://www.paulchefurka.ca/Iraq%20an...%20Arabia.html

You did it in another thread about Denmark, you copied and pasted from Wikipedia

[Hoggage_54]

I don't care, just state where you copied it from!

[BigBrad330]

The bakken formation that runs through North Dakota and Montana is expected to turn out 270 million barrels, that could help

[Kratos]

I don't care, just state where you copied it from!

I'm usually pretty good. I only take something if it has the numbers in it I'm looking for, and the sentence or sentences that contain those numbers. I can't come up with numbers for everything off the top of my head. I think I'll pass on always citing sources every time I need to look something up, I do this for fun not a grade. Glad I didn't have you for a highschool teacher though, I didn't ever learn how to write a paper until after high school. I'm amazed at how infrequently I copy anything and you caught me.

[Kratos]

The bakken formation that runs through North Dakota and Montana is expected to turn out 270 million barrels, that could help

From what I understand that oil is not attainable, the rock it's in makes it impossible to drill for, or it's very expensive to drill, or something like that.

[Kärnfysikern]

Not investing in an energy infrastructure independent of fossil fuels for the future is going to be a huge mistake economically. The reality of it is coming sooner than you think.

Unfortunaly every country in the world seems to be doing this misstake. We need some ****ing asshole like Gore to make a movie about peak oil that wins a oscar or something before the stupid sheep in the world wakes up.

Even China and India who started on somewhat of a clean slate is getting more and more hooked to oil. A large crash program for hybrid cars with either batteries or super capacitors is needed along with a crash program for cellulosic biofuels or biofuels from algea. Otherwise Il bet the states and china will turn to the fischer tropsch process and make liquid fuels out of the vast coal reserves. That would be a environmental disaster!

Damn over 60 years since we discovered the ultimate clean and abundant source of energy and yet no one is tapping into its true potential

[J431S]

I think countries like Saudi and Iran, who have blatantly expressed this, don't have the interest in increasing output for supply to increase and prices to lower. Why should they.

good point...most of the opec countries especially saudi, kuwait, and uae have a windfall of petrodollar beyond the needs of their economies combined....so the idea of increasing supplies to lower price is not going to happen.....since the bulk of these petrodollars are reinvested in financial markets around the world generating further huge return on investment (ROI).

[Prada]

good point...most of the opec countries especially saudi, kuwait, and uae have a windfall of petrodollar beyond the needs of their economies combined....so the idea of increasing supplies to lower price is not going to happen.....since the bulk of these petrodollars are reinvested in financial markets around the world generating further huge return on investment (ROI).

Well they know they pretty much have a finite resource and with all due respect there economies are minuscule without it, based on nothing else. They are so oblivious, that they didn't even diversify into different sectors or industries. What else comes from Saudi, Kuwait, Bahrain, Iraq and so on. Dates and camels perhaps? Its a cartel for a reason and as long as there is addiction they are free to do as they wish, I know I would.

[Strategus]

For several years, I have believed that the U.S. will have a huge problem transitioning to an economy where oil is more scarce and expensive. Interestingly, Australia, which is another large, geographically isolated country, shares many of the same problems. There's been a lot of resistance against public transit, even in local regions near cities, in both the U.S. and Down Under because "the country is too large."

Among the transition problems are:

1. Time to turn over the automobile fleet. This takes about 10 years or more. Few people are going to give up a vehicle they have owned 3 years or less, except for leases. Had we been smart and imposed stricter fuel economy standards during the prosperous years when Clinton was in office (1993-2000), we'd be a lot better off because there would be fewer new SUV's on the road. As it is, people have only just now slowed up buying SUV's and the big p/u's. The percentage of hybrid vehicles on the road is still under 5% but growing. There are about 350,000 hybrids on the road...out of a total of about 130 million autos and 77 million trucks and SUV's. Then, there's the whole "image" thing with cars, which is why Americans have been so reluctant to drive smaller vehicles.

2. Much less public transit infrastructure than in Europe.

3. High obesity rates that I believe are structurally related to transportation-related inactivity. (Yes, diet has a role, but active people can get away with a lot more cheats in their diet than sedentary people).

4. Cultural antipathy toward exercise. Only a minority of the population even walks 4-5 km per day, much less rides a bike or weight trains. People often make comments like "only poor people ride bikes." "Why would I walk when I can drive there?" People think it's weird to walk or ride to work. (gas prices are slowly changing this). If ya travel to Europe or Mexico, you will see the majority of the population, young and old, walking a few km per day to catch the subway or just into town.

A subset of the situation relates to this forum. Australia and the U.S. are two of the countries that are most prohibitionist against AAS - - and they're the very same countries that are most car-dependent with very high obesity. Heaven forbid that some guy gives up his car to commute by bike and then commits the ultimate act of rebellion by juicing. Countries in Europe where large majorities of the population walk a few km each day to/from work tend to allow AAS for private use.

5. Lead time to build non-fossil fuel generation facilities. kW for kW much of this capacity will need to be nuclear, which is finally back on the drawing boards, but has several years' lead time.

Despite these difficulties, it's overdue to start building infrastructure that isn't oil-dependent.

We need to support politicians who:

-Support stricter vehicle fuel economy standards
-Support paths and safe routes for bicycles and are willing to commit funds to them.
-Do not oppose nuclear energy
-Are skeptical of biofuels - where do rising food prices come from? FOOD is a bicycle's fuel and is a portion of the fuel for a subway (because people need to walk to it).