23 January 2018
Opec's new partner
Russian producers grudgingly adhered to the cuts and a stronger oil price helped perk up the economy
Russia made some unusual strides in its energy strategy in 2017. After agreeing to the supply pact with Opec at the end of 2016, it came good—surprising some—on its pledge to cut 300,000 barrels a day of output. Then, as the year moved on, its relationship with Saudi Arabia deepened further, becoming a broad investment and geopolitical alliance. The unorthodoxy wasn't to everyone's taste: many of Russia's own energy majors bristled at the Opec cuts, which forced them to shelve a number of greenfield projects in Siberia. By October, after the Saudi king's visit to Moscow and deals between the countries worth $3bn were agreed, it seemed the producers would have to get used to the new state of
Also in this section
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away






