Russia Oil Production Overtakes Saudi Arabia

[Strelnikov_]

Russia Oil Production Overtakes Saudi Arabia

http://www.nzherald.co.nz/section/story.cfm?c_id=3&objectid=10397661

Russia is extracting more oil than Saudi Arabia, making it the biggest producer of "black gold" in the world, figures show. The statistics, from the oil cartel Opec, reflect a trend that has seen the Russians periodically surpass the Saudis as the world's biggest oil producers on and off since 2002.

These latest figures are being hailed in Russia as evidence that such periodic production spikes are not one-offs though and that Moscow really does have a right to lay claim to the No 1 spot. According to Opec, Russia extracted 9.236 million barrels of oil a day in June, 46,000 more than Saudi Arabia. The statistics also showed that Russian production in the first half of this year increased to 235.8 million tons, a year-on-year improvement of 2.3 per cent.


Oil Profits Help Russia Pay Off Soviet-Era Debt

http://www.washingtonpost.com/wp-dyn/content/article/2006/08/21/AR2006082101526.html

Eight years after it defaulted on more than $40 billion in debt and slid into financial chaos, Russia transferred $23.7 billion to the Paris Club of creditors Monday, wiping out the last of its Soviet-era debts and underlining the extent to which oil and gas revenue has transformed the country's finances.

The state-owned bank Vnesheconombank transferred the money, including a $1 billion early payment fee. The debt clearance, plus a repayment in 2005, will save the country more than $12 billion in interest payments on debt that was not due until 2020, the Finance Ministry said in a statement. Russia said it was prepared to become one of the 19-member Paris Club's lenders. "We are ready to extend credits to other countries," said Sergei Storchak, deputy finance minister.

In 1998, with oil selling at $14 a barrel, the country defaulted on debts and devalued the ruble. In 1999, Russia's public debt amounted to 96 percent of its gross domestic product. Following Monday's payment, it will fall to 9 percent, officials said.

Russia is now the world's largest exporter of natural gas and the world's second-largest exporter of oil. With prices at historic highs, the country is swimming in cash.


So, I wonder if Vlad will loan Chimp the money to bomb Iran. $150/bbl oil would really put Russia in the black.

[hunter]

1. The U.S.A. is so screwed.

Put a fork in US, we're done.