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ISSUES....
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Fear to tread

We note that Russian Prime Minister Putin and his new energy policy director, Deputy Prime Minister Igor Sechin, have gone very public to deny claims that Russia's oil production is waning and is terminal. Speaking with Interfax yesterday, Mr. Sechin said You think oil production is declining? Let's wait until the end of the year. I'm sure there won't be a decline, but an increase instead. Firstly, we cannot believe that Mr. Sechin, formerly of the KGB and a truly hard-line, behind-the-scenes, fist-at-the-ready power figure would accept this position as Deputy Prime Minister. Even more, we are shocked to find him in the very public position as spokesperson for Russia's oil industry. Where Sechin goes, we fear to tread. Those who cross Mr. Sechin pay dearly for doing so. That having been said, Sechin offered no valid proof as to why Russia's oil production will increase year-on-year, but if Sechin says so, it is worth listening to.

- Dennis Garthman/The Gartman Letter/ 05 15 08

- For more on interesting comments, you can subscribe to The Gartman Letter by contacting Dennis Garthman: Phone 757 238 9346, Fax 757 238 9346 or dennis@thegartmanletter.com

Petroleumworld News 05/16/08

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