According to an article by Greg Walters at Bloomberg.com, crude oil output in Russia is expected to decrease for the first time in 10 years.

“Two years ago, we said the growth rate was falling, and we said this was bad for Russia, remember?” Trutnev said in televised remarks after a government meeting in Moscow today. “Now we’re saying the production rate is falling this year. This is not a bogeyman, unfortunately, this is real,” Trutnev said, without giving a specific forecast.

The petroleum problem in Russia seems to stem from the lack of investment in exploration in combination with exorbitant taxes on the industry.

Gail the Actuary has an interesting post on the post-peak-oil economy. Gail is a contributor to The Oil Drum Discussions.  It’s all kind of gloomy.  Time for a nice glass of Bordeaux.

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