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OPEC presses pause
The group’s oil production declined in November, our latest analysis finds, amid divided sentiment over market balances and geopolitical jitters
Learning from oil’s supercycle miss
Mistaken assumptions around an oil bull run that never happened are a warning over the talk of a supply glut
Explainer: What do Russia’s oil giants own overseas?
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
Letter from London: Oil’s golden triangle
The interplay between OPEC+, China and the US will define oil markets throughout 2026
The complex crude glut picture
The swelling crude supply story involves the key plot twists of reluctant buyers, limited oil stocks and refiners playing the long game
Alberta’s energy hub sees silver lining
US tariffs bolster Alberta’s Industrial Heartland exports to Asia
Tax policy will shape Russia’s oil future
The consensus among market observers is that the country’s oil output will fall in the long term. Yet few recognise how Moscow’s shifting tax regime is designed to keep the next barrel commercially viable
The curious case of oil-on-water
The market is facing being drowned in excess crude, but one caveat is that a large chunk is due to buyers reluctant to snap up sanctioned barrels
Lukoil loses its growth prospects
The Russian firm made a significant attempt to expand overseas over the past two decades but is now trying to divest its global operations
OPEC+ nears output targets amid unsolved riddles
OPEC+ has proven to be astute at bringing back oil production, but mysteries around Chinese buying, missing barrels and oil-on-water have left the group in wait-and-see mode
Russian President Vladimir Putin and Chinese President Xi Jinping attend a reception at the Kremlin in March
China Russia Markets
Tatiana Mitrova
4 April 2023
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China holds all the cards in Russia’s eastern pivot

The Asian giant sees no reason to rush on energy cooperation

Russia is looking to build on its energy ties with China, a key buyer of its gas. But Beijing’s position of power in the relationship may make the sanctioned producer play a waiting game, especially over the much-discussed Power of Siberia 2 pipeline. That seemed to be the message coming out of the high-level meeting between Beijing and Moscow in March. The Russia-China relationship has a long and complex history, shaped by the lengthy border between the two countries, the complementarity of their economies and the ambitions of both to be seen as key geopolitical actors. Following periods of friendship and tension in the Soviet era, the post-Soviet decades have seen a more complicated relati

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