BloggingStocks http://www.bloggingstocks.com BloggingStocks http://www.blogsmithmedia.com/http://www.bloggingstocks.com/media/feedlogo.gif BloggingStocks http://www.bloggingstocks.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[In surprise, Russia's oil production drops for first time in 10 years]]>http://www.bloggingstocks.com/2008/04/15/in-surprise-russias-oil-production-drops-for-first-time-in-10/http://www.bloggingstocks.com/2008/04/15/in-surprise-russias-oil-production-drops-for-first-time-in-10/http://www.bloggingstocks.com/2008/04/15/in-surprise-russias-oil-production-drops-for-first-time-in-10/#commentsFiled under: , ,

In a report that surprised many sector watchers, Russian oil production fell for the first time in a decade, based on year-over-year basis The Wall Street Journal reported Tuesday (Subscription required).

Russia, the world's second biggest exporter of oil after Saudi Arabia, averaged production of 10 million barrels per day during the first three months of this year -- a 1% drop in production when compared to the same period in 2007, The Associated Press reported Tuesday, citing International Energy Agency data.

Aging infrastructure or aging fields?

Analysts, oil industry executive, and economists will now begin the painstaking process of determining the exact cause of the production shortage. Russia has suffered from electricity shortages and poor weather conditions in oil production zones during the past year. In addition, despite Russia's impressive, 5-year economic boom and related development -- an economic expansion driven to a considerable degree by Russia's oil revenue -- the nation's oil infrastructure remains inadequate and in need of up to $50 billion in improvements and upgrades.

Independent energy trader Jim Dietz said if the current production drop stems from weather problems or infrastructure deficiencies, the oil market will largely overlook the decline, as a temporary dip.

Continue reading In surprise, Russia's oil production drops for first time in 10 years

In surprise, Russia's oil production drops for first time in 10 years originally appeared on BloggingStocks on Tue, 15 Apr 2008 17:51:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>emerging marketsglobal oil demandglobal oil supplyIEAInternational Energy Agencyoiloil pricesOPECRussiaSiberiaTue, 15 Apr 2008 17:51:00 EST<![CDATA[Russia says oil production growth to slow]]>http://www.bloggingstocks.com/2007/11/19/russia-says-oil-production-growth-to-slow/http://www.bloggingstocks.com/2007/11/19/russia-says-oil-production-growth-to-slow/http://www.bloggingstocks.com/2007/11/19/russia-says-oil-production-growth-to-slow/#commentsFiled under: , , , , , , , ,

Russia tempered the enthusiasm of oil supply bulls when it announced that it expected oil production to grow only modestly over the next several years.

Russia, the world's no. 2 crude exporter after Saudi Arabia, said production would increase to only about 10.4 million barrels per day, up only 6% from the current 9.8 million barrels per day, The Wall Street Journal reported [Subscription required].

Viktor Khristenko, Russia's oil minister, said Russia has promising oil finds in Eastern Siberia, Arctic North and Sakhalin Island, but that Russia would not duplicate the superior +10% oil production growth the nation has achieved earlier this decade.

Continue reading Russia says oil production growth to slow

Russia says oil production growth to slow originally appeared on BloggingStocks on Mon, 19 Nov 2007 10:48:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>alternative energyArcticAsiaclimate changeconservationemerging marketsenvironmentEuropegasolinegasoline pricesGDPglobal economyinthenewsoiloil consumptionoil explorationoil pricesOPECRussiaSaudi ArabiaSaudiArabiaSiberiaMon, 19 Nov 2007 10:48:00 EST<![CDATA[Russia to kick BP out of Siberia?]]>http://www.bloggingstocks.com/2007/06/01/russia-to-kick-bp-out-of-siberia/http://www.bloggingstocks.com/2007/06/01/russia-to-kick-bp-out-of-siberia/http://www.bloggingstocks.com/2007/06/01/russia-to-kick-bp-out-of-siberia/#commentsFiled under: , ,

As Russia continues to strive towards consolidation of its energy resources under state control, it looks like it is only a matter of time before BP plc (NYSE: BP) is going to get the boot from its Siberian Kovykta field. Russia has been threatening this action for about 4 years now, and earlier this week the company lost its appeal to keep Russia from revoking its license.

Russia has been working hard over the past year to regain control of the nation's oil reserves and today the state licensing agency is due to meet to discuss the possibility of killing BP's $20 billion license to the highly lucrative Kovykta field. Just how big is Kovykta? Plenty big, and it is estimated that there are enough oil reserves in the field to supply all of Asia's oil demand for five years, or supply the entire world's demand for oil for an entire year. I would say that is a pretty significant supply!

Continue reading Russia to kick BP out of Siberia?

Russia to kick BP out of Siberia? originally appeared on BloggingStocks on Fri, 01 Jun 2007 10:15:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bpG8 SummitG8SummitKovyktakovykta licenseKovyktaLicenseoilrussiasiberiaSiberian Kovykta fieldSiberianKovyktaFieldFri, 01 Jun 2007 10:15:00 EST