Has 'Peak Oil' Arrived

A Vice President of Russia's largest independent oil company says that oil production in that country has peaked and in the future will begin declining:Russian oil production has peaked and may never return to current levels, one of the country’s top energy executives has warned, fuelling concerns that the world’s biggest oil producers cannot keep up with rampant Asian demand. The warning helped on Tuesday to push crude oil prices to a fresh all-time high above $112 a barrel, threatening to stoke inflation in many countries. US crude oil West Texas Intermediate surged in London trading to $113.06 a barrel, above last week’s record of $112.21 a barrel. It later traded 125 cents higher at $113.01 a barrel. Leonid Fedun, the 52-year-old vice-president of Lukoil, Russia’s largest independent oil company, told the Financial Times he believed last year’s Russian oil production of about 10m barrels a day was the highest he would see “in his...(Read Full Post)