The future supply of Russian oil is threatened by a likely decline in production levels, one of the country's top oil executives has warned. Lukoil's Leonid Fedun said $1 trillion would have to be spent on developing new reserves if current output levels were to be maintained. Recent figures show Russian output fell 1% in the first quarter of 2008. The possibility of less oil from one of the world's key suppliers will add more pressure to prices now at record highs.
Lukoil's Leonid Fedun said $1 trillion would have to be spent on developing new reserves if current output levels were to be maintained.
Recent figures show Russian output fell 1% in the first quarter of 2008.
The possibility of less oil from one of the world's key suppliers will add more pressure to prices now at record highs.
Is Russia running out or are they manipulating the market to send oil prices higher?
you are the media you consume.
(Reuters) Britain's prime minister, Gordon Brown, on Tuesday called on OPEC members to boost production to counter rapidly rising oil prices, which have shot up 80 percent since a year ago, adding his voice to similar requests from the administration of President George W. Bush. "We are not producing enough oil ... and we can take collective action to persuade OPEC and others to get the oil price down," Brown said in an interview on Sky Television.
Britain's prime minister, Gordon Brown, on Tuesday called on OPEC members to boost production to counter rapidly rising oil prices, which have shot up 80 percent since a year ago, adding his voice to similar requests from the administration of President George W. Bush.
"We are not producing enough oil ... and we can take collective action to persuade OPEC and others to get the oil price down," Brown said in an interview on Sky Television.
Does he say the same about the North Sea? If the UK were producing enough gas they wouldn't be dependent on imports from Russia! When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes
