Why Is Russia Pumping So Hard

Russia is producing oil at record levels.
Their most productive fields are all old and have been exploited since the Soviet era. With modern techniques they were revived became as productive as they were in their hey day. But even with advanced techniques those fields are entering into decline again. With the price of oil severely depressed, why increase production? Politics. Or more specifically Putin. All of the heads of the Russian oil companies are his cronies, and they funnel money to him. Everyone is supremely rich. And that may not last. As much as he tries, Putin can not stay in power forever. If he goes, there might be real change in Russia. The oil barons could be cast out. So what better way to protect your future than to build up as large a nest egg as possible. The hell with Russia's economy in the future. Get rich now, let the peasants deal with future problems.