oil future prices, page-6

Russia is pretty irrelevant IMO, as the constraint in Russia is export capacity (eg pipelines), not finding the stuff.

Yukos' renationalisation at gunpoint hasnt scared ConcocoPhillips, who are publicly talking about big investment in Russia, and Yukos' production can be replaced in the short term by Czar Putin's loyal henchbeings at the other Russian oil companies, who know well to say How High when he says Jump.

Ian Whitchurch

"You have two cows in today's Russia. An ex-KGB man comes up to you and says 'Comrade, I hope you do not think that the President has forgotten how you acquired those two cows' "