Russian supply vs production
Extending the deal with Opec is the only barrier to oil-output growth in 2017. But Russian exports should keep rising whatever is decided in Vienna
Despite financial and technological sanctions, lower oil prices and the depletion of mature fields, Russian oil firms lifted output in 2016 by 2.6%, to 11m barrels a day—within touching distance of the Soviet-era high. This year, the only real obstacle to further growth is not found beneath the soil, but above it: an extension of the deal with Opec to restrain supply. Either way, exports will remain strong. The agreement struck last year involved energy minister Alexander Novak pledging a 300,000-b/d cut from Russia. It prompted some scepticism—not least about the government's ability to enforce this on Russia's producers: private companies produce 40% of the country's oil but no legal metho
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
