Peak oil – Russia says it will cut oil exports
The global recession has meant demand destruction for oil -- what producers say will be a reduction of 1 million barrels per day in demand. Global peak demand prior to the recession was around 85 million barrels per day. As result, Russia is cozying up with other oil exporters, and cutting production. We'll be cutting oil exports while increasing domestic consumption and expanding oil refining, Russian media quoted Deputy Prime Minister Igor Sechin as saying at a conference of the Organization of Petroleum Exporting Countries (OPEC) in Vienna. Russia, which accounts for about 10 percent of world oil output, will ask the OPEC to coordinate steps with other countries and could consider joining OPEC in case all the agreements reached are observed, Sechin said.