Extract from www.nzherald.co.nz/index.cfm?c_id=3&ObjectID=10011306

… the president of Russian pipeline monopoly Transneft said on Tuesday the country’s oil production should grow by 5-6 per cent this year and is likely to top out soon after that.

“Beyond 2005 we will probably reach the ceiling in output, ” he said. “The period of easy oil extraction is over and to boost output further we need serious capital investment and more time,” he said.