The Russians want to cut production, that’s not what I would do. I would let the market play itself out. It is taking a while but the high cost producers are closing down and going out of business. You are forcing the high cost exploration to stop. There is no exploration. Exploration budgets are cut by ninety percent. This eventually means no oil supply, and the price goes through the roof again. Why would you sell your oil down at these prices if you could wait and sell it later?
