Russian oil production has peaked: Lukoil executive
LONDON (AFP) — Russian oil production peaked last year, the vice-president of Lukoil, the country's second largest oil group, said in an interview published Tuesday.
Speaking to the Financial Times, Leonid Fedun said Russia's oil production of 10 million barrels a day was the most he would see "in his lifetime".
He added that in terms of production in Russia's oil-rich western Siberia region, "the period of intense oil production (growth) is over" and compared the region to the North Sea and Mexico, where oil production has declined.
Lukoil said last week its 2007 net earnings rose 27.1 percent to more than 9.5 billion dollars (5.9 billion euros) from 2006, attributing the rise in net income to "favourable market conditions, high refinery margins ... as well as effective cost control."
