Lukoil, Russia's Biggest Independent Oil Producer Reports Decreasing Production

The story at the link emphasizes the financial side of the story.

I think the bigger story is yet another large producer reporting decreasing oil production.

Lukoil Holdings, Russia's biggest independent oil producer, expects to reverse falling output and start increasing hydrocarbon production from 2013 or 2014, the company's vice president said Friday.

Lukoil has long been fighting output decline, but has now managed to stabilize production in its main region of West Siberia. Output in the region grew 0.5% in the first half of 2012 compared with the same period for last year due to the introduction of new drilling technology, Mr. Fedun said.

Lukoil, Russia's second-biggest producer, said total hydrocarbon production was down 0.8% on the year in the second quarter to 2.14 million barrels of oil equivalent per day. Crude output was down 1.9%.

Just a random data point to ponder.