Still, Russia and Saudi Arabia are the ballgame in world oil production. People got worried that if the Russians could do that with natural gas they might do it with oil.

Instead, everybody got worried over the holidays and decided to throw money into oil futures.

Russia does not want to have her oil and gas exports threatened by some of the transit countries, in particular Poland, ... This will increase the volume of Russian gas exports to Europe and will to some extent increase the security of those exports.

We'll see crude prices ranging anywhere from $45 per barrel to $75 per barrel this year.

There is a lot of potential for China to import more crude oil from Russia.

The whole oil and gas industry in Russia is strongly undervalued and will stay so for quite a long time. The Russian companies are much cheaper based on reserves.