A. The role of Russia as a swing producer has been overblown, in our opinion.

Rather than restraining oil prices, the world's swing producer now has a much closer eye on domestic political concerns.

It plays a crucial role as a swing producer that can pump or withhold additional oil.

Iraq has become a key "swing" producer, posing a difficult situation for the U.S. government.

Saudi Arabia will not be pushed into a role of swing producer, cutting back its oil production alone to help the world.

Most important, the Saudis have returned, at least temporarily, to the role of swing producer.

The kingdom's role as the world's swing producer - one with enough idle capacity to cover shortfalls in supplies - is not expected to change.

To support the $18 price, Saudi Arabia - would have to continue to act as the swing producer, a role it can ill afford.

Faced with these financial woes, the Saudis will not operate as a swing producer for long.

OPEC is a swing producer and its decisions have had considerable influence on international oil prices.