Russian oil production in 2014 climbed to its highest level in more than a 25 years.

Russian holds oil valve wide open.
Russian oil production in 2014 climbed to its highest level in more than a 25 years.
In December, the Russian oil production peaked according to the Department of Energy on average 10.67 million barrels per day (see chart). That's the highest level since the end of the Soviet Union. Soviet record 11.4 million barrels per day, dates from 1987.
That was in response to the decision of Saudi Arabia the most influential player in the oil cartel OPEC to keep open the oil tap despite weaker demand.

 

Map of shale -gas basins is Europe.

 Ukraine has some of the largest shale gas reserves in Europe.

Poland, Ukraine, France and Turkey have enough untapped resources to meet the need. All countries are dependent on Russia gas today.
If Russia will stop natural gas supplies to Europe then it will have to act very quickly before it goes broke. Seventy-five percent of its national income comes from energy sales to Europe.

 

Oil price.