What is Peak oil?
"The term Peak Oil refers to the maximum rate of the production of oil in any area under consideration, recognising that it is a finite natural resource, subject to depletion."
--Colin Campbell
More about the peak in Russian oil production
Submitted by Mikael Höök on Thu, 2008-04-24 08:45.
Viktor Vekselberg, an owner of TNK-BP, stated that the Russian oil production has peaked and may decline the following years. He also said that the Russian oil industry need tax breaks to spur new exploration and more development.
Vekselberg has now joined the vice president of LUKOIL, Leonid Fedun who also recently claimed that Russian oil production have peaked.
Read more here: Bloomberg News
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