Russia Hits Oil Peak Says Lukoil Executive

Russian oil production has peaked and may never return to current levels, according to the vice president of Russia's largest independent oil company Lukoil.

Leonid Fedun told UK newspaper the Financial Times that he believed last year's oil production of about 10m barrels a day was the highest he would see "in his lifetime".

Fedun told the paper that Russia's "period of intense oil production [growth] is over", referring to the oil-rich Western Siberian region, which can be compared with declining production in North Sea and Mexico.

The IEA forecasts Russian oil production will rise to 10.5m barrels a day in 2012 from 9.95m b/d last year, which is likely to be revised this year.

By staff writer