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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Knighty Tin who wrote (4546)	4/17/2004 1:00:07 PM
From: mishedlo	Read Replies (2) of 116555

Russia to run out of oil in six years?! - 04/13/2004 13:40 english.pravda.ru Taking into account today's tempos of oil extraction, existing oil supply in Russia will last only until 2010, stated head of the department of fuel and energy resources and water works of the Ministry of Russian Natural Resources, Rinat Murzin. The point is that the level of oil reproduction is significantly lower than the amount of oil that is being extracted. In 2002 oil reserves have increased by 254 million tons with oil extraction of 380 million tons. In 2003, before the initial estimates, oil reserves equaled to 240 million tons, whereas oil extraction has increased up to 421 million tons. The Ministry of Natural Resources blames oil companies for today's situation, since they practically totally refrain from conducting exploration works.

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