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Figure 1. Over 60% of proven reserves are in Russia and the Middle East. Current production for the last 3 years (EIA statistics) has been steady at about 84 MMBO/Day, but demand has continued to rise. There is currently very little ‘slack in the system’.
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Figure 1. Over 60% of proven reserves are in Russia and the Middle East. Current production for the last 3 years (EIA statistics) has been steady at about 84 MMBO/Day, but demand has continued to rise. There is currently very little ‘slack in the system’.