Russia wants to cut oil production but I would not do that. I would let the market sort it out.
It may take some time but the reality is that the high cost producers (framers, deep water drilling, oil sands) are stopping exploration and going out of business.
Prices are forcing the high cost explorations to stop operating and what this means is that eventually there will be no oil supply, and the price goes up again. (Energy Select Sector SPDR ETF (XLE), Marathon Oil (MRO), Exxon Mobil (XOM), United States Oil Fund LP ETF (USO))
Jim Rogers is a legendary investor that co-founded the Quantum Fund and retired at age thirty-seven. He is the author of several investing books and also a renowned financial commentator worldwide famous for his contrarian views on financial markets.