These are subscriber-only links, so I’ll post the important excerpts. In sum, oil prices should keep going down.

#1: Asia’s Oil Production Expected to Increase, Ease Stress on Global Supplies:

China, India and other big energy users in Asia aren’t about to become major oil exporters — far from it. They still consume much more crude than they produce and that trend won’t change.
But several countries, including China, are lifting oil output. The unexpected boost — some industry analysts had said the region would struggle to maintain production levels in the current decade — should help Asia meet more of its own demand and reduce stress on supplies for the rest of the world.
The International Energy Agency in Paris expects China, Vietnam, Malaysia and other Asian-Pacific nations to increase production by almost 300,000 barrels of oil a day in 2009, the region’s biggest annual increase since at least the 1990s. When contributions from Central Asian nations such as Kazakhstan are added, the total increased production rises to about 500,000 barrels per day, analysts say. Overall, non-OPEC world production is only expected to grow about 760,000 barrels a day in 2009, the IEA says.
Asia’s production outlook stands in sharp contrast to other parts of the world, including Europe, which faces steep declines in oil output in 2009 and beyond. Asia is also looking better than Latin America and Russia, two regions analysts once thought would provide much of the world’s non-OPEC oil. In Russia, production is expected to remain flat or even fall next year, while declines in Mexico continue to drag down production in Latin America.

#2: Russian Investors Want Bailout of Bailout

Russia amassed nearly $600 billion in currency reserves from high oil prices over the past several years, and the government had planned to spend billions on infrastructure that would fuel economic growth in the years ahead.
Now, Mr. Weafer said, the Russian market is projecting that oil prices will fall to about $50 a barrel. That will force the government to redraw its budgets, and curtail spending that would have fueled growth, which he said could fall by half, to about 3% next year, if oil prices fall to $50 a barrel.
“The package that the government has put into place will prevent bankruptcy, but it will not attract investment,” Mr. Weafer said.
“It’s not an especially encouraging situation,” he said. “The money being spent was earmarked for growth, and now its being devoted to make sure the government does not fall apart.”