Russian President Vladimir Putin has previously been reluctant to lower the rate of oil extraction in Russia, but has now finally been forced to cut production because of reduced world market demand.
- Due to the low oil price, the government will sequestrate the budget. They will cut the payments. And the first measure will, as always, be to cut public sector wages, reduce pensions and tighten the healthcare sector, says oil economist Michail Krutichin to SVT's Moscow correspondent Bert Sundström.