Not surprising. Dilling for new oil costs money and thats in very short supply in Russia now. Also, contrary to some preconceived notions in the market, Russia does not have any cheap oil and gas to develop. They still got plenty but it’s the arctic (i.e. expensive) kind. Russia might one day not be able to afford its own oil consumption anymore. Because when the market comes back, its shale thats first to fully recover before Russian developers even have a chance to rotate some drillbit. This means that shale will plug much of the market – together with some OPEC producers that have an easier time cranking up their pumps. As I wrote years ago, the time for expensive oil is up.
Russia's producers, which have reduced oil drilling by as much as one-third so far this year, may cut it by a further 20% in 2021, says an oilfield services exec.