16 February 2016
History not on the side of any Opec-Russia deal
Why Saudi Arabia can’t really trust the Kremlin to cut supply
History is not on the side of any potential cooperation between Russia and Opec to coordinate a cut in global oil output. Crude prices jumped in late January after Russian energy minister Alexander Novak said Opec had proposed a joint 5% cut in oil production. But rumours of any deal were soon scuppered after Saudi Arabia, the group’s lynchpin, denied the claim. Russia’s track record on adhering to agreements with Opec to cut production suggests the Kremlin isn’t an entirely reliable partner. On prior occasions when Russia said it would consider cooperation with Opec the oil kept flowing – and sometimes even increased. Oil companies shifted their cargoes from the pipeline system to the railw
Also in this section
5 March 2026
Gas is a central pillar of Colombia’s energy system, but declining production poses a significant challenge, and LNG will be increasingly needed as a stopgap. A recent major offshore gas discovery offers hope, but policy improvements are also required, Camilo Morales, secretary general of Naturgas, the Colombian gas association, tells Petroleum Economist
4 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
