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“Russian oil production, which was boosted to new heights in 2007, has now fallen 1.0% in calendar year 2008. More relevant now to the world, however, is the ability of Russia to export oil…2008 saw Russian oil exports fall by over 5.00% and the outlook is not pretty from here. Russia simply does not have the kind of dirt-cheap labor or materials advantage that it enjoyed just 10 years ago. Oil at $45.00 continues to set the stage for a supply collapse. Russia is vulnerable to a huge drop in production.”
— Gregor Macdonald, from “Russian Oil Production Appears To Have Peaked”