I keep forgetting that Russia has now surpassed Saudi Arabia as the world's biggest oil producer. Yup, that's a fact. Russia is now the world's biggest oil producer.
Russia wants to keep that #1 position. The good news for Russia is that the administration's "permitorium" in the Arctic and in the Gulf of Mexico is helping ensure that it will stay in front.
BP signed a huge deal with Russia last month, which was noted on this site at the time.
Earlier today, this blog noted that Shell had announced it was deferring any drilling in Alaska's Beaufort Sea due to bureaucratic delays associated with air quality permits.
Apparently, US oil companies are lined up at the door to make deals with Russia. (This is the same link as the first link in this story.) For investors, it does not matter where an oil company drills if it is making money. But it certainly means a lot to the local economy where those oil companies drill.
Russia is not the only country interested in the Arctic. Norway has announced that it, too, is preparing to open new Arctic areas for drilling. This site has also reported that Denmark/Greenland has allowed exploratory drilling off Greenland. Cairns, a Scottish company, was the first to go there, but XOM, CVX, and Shell are all expected to follow.
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