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124 comments on When Will Russia (and the World) Decline?

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netfind on November 5, 2007 - 1:24pm Permalink | Subthread | Parent | Comments top

The lables for rig count and IEA are swapped in the rig/production chart. It freaked me out seeing such a vast difference in the IEA and EIA figures, which are always reasonably close. Blue is rig count and the dark red/green is production. This is very telling and goes a long way in refuting the standard argument that high prices will cause more drilling and more oil. A similar chart for Saudi Arabia would probably look the same.

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Stuart Staniford on November 5, 2007 - 1:34pm Permalink | Subthread | Parent | Comments top

That's basically the argument of the piece. A collapse in the marginal return on effort of drilling is probably a symptom of being very close to peak.

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