Paint me a skeptic or perhaps it’s just from being born in Russia, but I think Russian oil production is very likely to decline in the future. Why? Simple, over last couple of years Russian Government has de-privatized a big chunk of oil companies. As we know government is not as effective at managing resources as private enterprise. Don’t believe me? Just take a look how Fed Ex (FDX) and UPS have taken share from the US Postal Service – a government run legal monopoly.
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