Rosneft pledges annual oil production of some 1,300 mln bbl by 2020

This article made me smile when I read it. Since the Russian oil industry is experiencing a year on year decline of about 8% a year. In 9 years the total decline will be around 72% of available Russian oil reserves. So to say that Russia is going to boost oil production going into the year 2020 over coming a year on year decline of 8% is going to be interesting to see. I am not saying that it cannot be done, but where is the oil coming from?

By the year 2020 several oil reserves will become exhausted including the North Sea, which serves Britain, Mexico which serves the United States, and the Canadian Tar Sands that serves the United States and Canada.

Russia is not the only country experiencing year on year declines of 8% a year. All oil reserves around the world are now declining at an average rate of 7% to 8% a year including Saudi Arabia.

The forecast end to our modern oil age is 2030. For everyone.

Arnold Vinette
Ottawa, Canada

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