258 comments on DrumBeat: February 14, 2007
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258 comments on DrumBeat: February 14, 2007
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GAIA Host Collective
Russian oil production is reportedly up year over year, but domestic consumption is growing even faster, thus. . . lower oil exports. Russia should soon--probably this year--start reporting lower year over year crude oil production. Note that even though oil exports were down, cash flow was up (because oil prices went up faster than exports fell). This will change as domestic consumption gets closer to production.
http://www.prime-tass.com/news/show.asp?topicid=68&id=414927
Customs: Russia's crude oil exports down 2.4% on year in 2006
"This will change as domestic consumption gets closer to production."
I assume you mean cash flow from crude oil exports. Russia could increase foreign earnings even as exports plunge, if they used oil in domestic industries which generated exports or substitutes for imports. But given the amount of local ethanol consumption and assorted other issues, this is an unlikely scenario. So you are probably right.