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Riyadh's Russia Problem: Oil

Forbes -- If we wanted any further evidence why the Arctic really matters for Russia, we just got it. After a six year stint as the world’s largest oil producer, Moscow’s crown has finally slipped back to Saudi Arabia. The Kingdom is ‘officially’ pumping just above Russia output at 10mb/d. No doubt tight markets have played a critical part in Riyadh opening its valves, but the fact Russia can no longer perform its historic role of free riding on OPEC production underlines the challenge Russia’s 16% depletion rates present. The Kremlin will struggle to maintain 10mb/d output, let alone incremental increases over the next decade when you consider onshore fields are dwindling, and offshore plays won’t realistically come online until 2020.

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Submitted May 21, 2012 By: Mudsprings

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Evilmaddog Champion Author British Columbia Posts:3,322 Points:957,550 Joined:Aug 2010	Message Posted: May 21, 2012 5:07:20 AM Ignore Evilmaddog Report Abuse that's all we need oil wars in the arctic
djgunrunner Champion Author Salt Lake City Posts:10,099 Points:2,348,605 Joined:Apr 2005	Message Posted: May 21, 2012 12:25:51 AM Ignore djgunrunner Report Abuse I just don't know which one to feel sorry or happy for.
johnd900 Veteran Author Massachusetts Posts:475 Points:192,305 Joined:Jan 2012	Message Posted: May 20, 2012 11:09:13 PM Ignore johnd900 Report Abuse confused...
LuthierKS Champion Author Wichita Posts:3,747 Points:729,930 Joined:Apr 2011	Message Posted: May 20, 2012 10:22:58 PM Ignore LuthierKS Report Abuse Every major country in the world (except the United States under the Obama regime) is trying to lock down every energy source it can. So it's not at all surprising that Russia is on the move. [Edited by: LuthierKS at 5/21/2012 1:23:42 AM EST]
Bruno44 Champion Author Texas Posts:7,075 Points:1,768,195 Joined:Sep 2007	Message Posted: May 20, 2012 10:08:12 PM Ignore Bruno44 Report Abuse Oh my.
10k Champion Author North Carolina Posts:21,259 Points:2,254,995 Joined:May 2006	Message Posted: May 20, 2012 10:04:58 PM Ignore 10k Report Abuse hmmm...my dog is better than your dog ??..
GRUMPY55 Champion Author California Posts:1,629 Points:423,500 Joined:Oct 2011	Message Posted: May 20, 2012 10:03:21 PM Ignore GRUMPY55 Report Abuse ok
eswi Champion Author Madison Posts:2,545 Points:683,380 Joined:Mar 2009	Message Posted: May 20, 2012 10:01:58 PM Ignore eswi Report Abuse Ok
bobdec Champion Author Miami Posts:8,969 Points:1,770,795 Joined:May 2008	Message Posted: May 20, 2012 10:01:52 PM Ignore bobdec Report Abuse Great, they need to be slowed down
Matt G Champion Author Boston Posts:4,533 Points:2,773,040 Joined:Jun 2004	Message Posted: May 20, 2012 9:59:20 PM Ignore Matt G Report Abuse Ok
southrob Champion Author Tucson Posts:3,600 Points:688,175 Joined:Mar 2011	Message Posted: May 20, 2012 9:59:18 PM Ignore southrob Report Abuse do they have greenies over there too
pgerassi Champion Author Milwaukee Posts:10,901 Points:2,132,580 Joined:Apr 2007	Message Posted: May 20, 2012 9:54:34 PM Ignore pgerassi Report Abuse What????
DriverofRed Champion Author Calgary Posts:2,178 Points:412,860 Joined:Dec 2011	Message Posted: May 20, 2012 9:53:36 PM Ignore DriverofRed Report Abuse whatever
SteelPenny Champion Author Dallas Posts:30,963 Points:2,607,490 Joined:Sep 2005	Message Posted: May 20, 2012 9:53:14 PM Ignore SteelPenny Report Abuse Sure.
LanguageMan1 Champion Author Tampa Posts:11,723 Points:1,661,790 Joined:Apr 2008	Message Posted: May 20, 2012 9:53:00 PM Ignore LanguageMan1 Report Abuse As I've said before, it's only a matter of time before we see oil $170 a barrel and gas at $6 a gallon or higher.
davenles Champion Author Texas Posts:3,201 Points:718,885 Joined:May 2011	Message Posted: May 20, 2012 9:52:24 PM Ignore davenles Report Abuse I guess they will be buying more from Iran.
ED6 Champion Author Riverside Posts:9,484 Points:1,851,130 Joined:Jul 2007	Message Posted: May 20, 2012 9:51:54 PM Ignore ED6 Report Abuse OK.
Ray_10589 Champion Author New York Posts:4,951 Points:1,183,960 Joined:May 2009	Message Posted: May 20, 2012 9:50:49 PM Ignore Ray_10589 Report Abuse interesting ...
kusanagisama All-Star Author Texas Posts:708 Points:191,525 Joined:Feb 2011	Message Posted: May 20, 2012 9:49:22 PM Ignore kusanagisama Report Abuse Ok.
HA4CNN Champion Author Toronto Posts:5,624 Points:1,543,390 Joined:Dec 2006	Message Posted: May 20, 2012 9:46:54 PM Ignore HA4CNN Report Abuse I guess that means the price has to rise.
DandyDapple All-Star Author North Dakota Posts:715 Points:310,820 Joined:Sep 2008	Message Posted: May 20, 2012 9:45:32 PM Ignore DandyDapple Report Abuse Hmmm
jem069 Champion Author Detroit Posts:2,543 Points:688,055 Joined:Jan 2011	Message Posted: May 20, 2012 9:38:37 PM Ignore jem069 Report Abuse Ok