Inelastic Russian Oil  

Posted by Big Gav in , ,

Stuart Staniford has returned to the blogging world with a new blog called "Early Warning", with this post on Russian oil production being one example of his new style - Inelastic Russian Oil.

It's interesting to look at a few of the larger producer countries through the lens of these price/supply scatterplots (introduced on Tuesday, following this week's main post). In 2008, according to BP, the largest oil producers were as follows:

In general, oil supply is a long-tailed thing, with many countries in the world contributing to the overall supply. However, Saudi Arabia and Russia are the twin largest suppliers, contributing a bit less than a quarter of the global supply between them. Then comes the US quite a distance behind.

In this post, we look quickly at Russia - the graph is above and pretty much speaks for itself. After the "Russian Revival" of the late 1990s and early 2000s, production is now not increasing with higher prices (and indeed not decreasing at lower prices either - Russia lately behaves like it pretty much produces what it can regardless of price, which seems to be in the 9.5-10mbd range).

1 comments

Production controlled by governments are always statistically misleading. It is never governed by supply and demand, but by strategy to pursue national interest.

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