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Russia might cut oil production in the face of declining profits -- or possibly for other reasons. (With Stratfor map)
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Russian oil companies might cut production and exports if present levels cannot be maintained profitably at current prices, Russian Energy Minister Sergei Shmatko said Nov. 18. Shmatko said that oil companies could decide for themselves whether maintaining current production levels is profitable.

Russia is the world’s second-largest oil producer — behind Saudi Arabia — churning out nearly 10 million barrels per day (bpd) and exporting 7 million bpd. Moscow has a rainy-day fund of approximately $600 billion, gotten primarily because of the success of Russia’s massive energy export industry (which, however, is primarily focused on natural gas, not oil). Russia has been using its great energy wealth and the dependence of other powers (especially Europe) on Russian energy exports as a springboard to surge back onto the world scene.


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