At least two Russian banks are lending some $6 billion to the oil industry to drill new wells that could add 200,000 bpd to the country’s production quickly. It is a tactic the Russian companies likely borrowed from its U.S. competitors: drilling but not completing wells to have new production at the ready when prices call for it. At least two Russian banks are lending some $6 billion to the oil industry to drill new wells that could add 200,000 bpd to the country’s production quickly, unnamed sources have told Reuters. It is a tactic the Russian companies likely borrowed from its U.S. competitors: drilling but not completing wells to have new production at the ready when prices call for it, so they can bring it online fast–completing an oil well takes a lot less time than drilling the whole thing from scratch. Energy Minister Alexander Novak said in […]