Source: The Daily Reckoning UK

Peak Oil theory gets a shot in the arm...

Russia was the new frontier for oil production a few short years ago. Not any more it seems, according to an FT report today...

Russian oil has peaked already according to Leonid Fedun, vice-president of Russian oil giant Lukoil,

10m barrels a day from the world’s number two oil producing country is as good as it gets in his lifetime he reckons. He’s 52 but given the average life expectancy of Russians that may not be too long. And it’s not going to be stable. Oil rich Western Siberia is more like Mexico and the North Sea i.e. output is sliding fast. “The period of intense oil production growth is over” claims Fedun. They’ve sucked up the oil fast and now the party’s over.

Read more: http://www.dailyreckoning.co.uk/Commoditie...

---

Looks like the only regions still capable of exporting are South America and the Middle East. And even the Middle East is looking increasingly suspect as a reliable source of oil exports in the future.