If World Oil Supplies Are Disrupted, Does Russia Have Any Surge Capacity for Additional Production?
By Matthew Sagers and Thane Gustafson
Russia, the world’s largest oil producer and exporter, has no surge capacity available immediately. Even a stepped-up effort over a year to add volumes, mainly through measures in older fields, is unlikely given current costs and incentives. A sizable reduction in overall taxes, especially the export tax, would be required, and high oil prices give the government little incentive for reforms....
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