410 comments on Saudi Arabian oil declines 8% in 2006
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410 comments on Saudi Arabian oil declines 8% in 2006
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WT: What I find really interesting is that as Russia has surpassed KSA it is being portrayed in the MSM as the new "oil giant". I think you were saying that the HL method has Russia as 95% depleted. Not even a whiff of this possibility is hitting the MSM.
Based on the HL plot, Russia is now on the order of 90% depleted (at least from mature basins).
Also based on the HL model, Russia has been making up for what was not produced, following the collapse of the Soviet Union. IMO, they should start showing a sharp decline in production, probably this year.
Because of higher domestic consumption, Russia reported about a 2.4% decline in net oil exports, from 2005 to 2006, even though they reported higher crude oil production.
In any case, as I predicted in the January, 2006 post, Saudi Arabia and Russia joined Norway in reporting lower crude oil exports.
My usual disclaimer: I started studying the Net Export issue because of some of Simmons' early work, and my conclusions were based on Khebab's HL plots.
In the Land of the Munchkins little Dorothy was a giant.