Russia Peak Oil by 2010

Stock Market News and Investment Information | Reuters.com

By Chris Baltimore
WASHINGTON, Oct 24 (Reuters) - Russian oil output could
peak at more than 510 million tonnes annually in 2010, or 10.2
million barrels per day (bpd), Russian Energy Minister Victor
Khristenko said on Monday.
"It will reach a certain plateau of production within the
time frame of 2010," Khristenko told reporters. That plateau
would be about 510 to 520 million tonnes a year, he said, or
the equivalent of about 10.2 to 10.4 million bpd.
In September, Russia produced 9.53 million bpd, which was a
post-Soviet high, according to Energy Ministry data.
Khristenko said Russia aims to achieve annual output of 500
million tonnes by 2008-09.
On his first U.S. trip as energy minister, Khristenko met
with President George W. Bush and senior administration
officials including U.S. Energy Secretary Sam Bodman and
Commerce Secretary Carlos Gutierrez.
Analysts say that Russia's growth will continue for a few
more months as oil firms ramp up production, including Exxon
Mobil Corp.'s massive Sakhalin project.
Russia's oil production has stagnated since growing 9
percent in 2004 and a record 11 percent in 2003.
Russia is chasing Saudi Arabia's title as the world's top
crude oil producer. Saudi Arabia pumped 9.6 million bpd of
crude oil in September, according to the U.S. Energy
Information Administration.
But unlike the Middle East's oil giant, which chooses not
to pump at full capacity, Russia is keen to see production hit
record highs. Saudi Arabia has surplus capacity of up to 1.4
million bpd, according to the EIA.