RE:RE:RE:Oil glut is bogus...there is no oversupply
I do not understand Rusia/Putin's position on this as they continue to blame the USA and others for thier conudrum, rather than reduce production themselves. They say that because of the cold c;imate they operate in shutting a well down is not practical, as a restart would exptemely difficult. Well output in northern Canada where temperatues are equally cold in winter, are frequently reduced to up to 50% without problems. Russia can easily reduce production by 500 k BPD, if they want by reducing well output by a conservative 25% per well without problems, if they spread it over many wells. Whats Putin's game-is he an idiot?? Well production economics cannot be good at these prices.
It could be debated that Russia and not OPEC is reponsible for these prices, as they are the largest producer and exporter in the world.