The Russian surge
Rising oil production in the past two years defied expectations. The market should expect more of the same in 2017
Russian oil output has shocked the market over the past two years. Many analysts expected depletion at Soviet-era fields in Western Siberia - home to more than 60% of the country's production - to lead total supply lower. Weak oil prices, an economic crisis and sanctions would also conspire to crimp production. Wrong. In 2015, Russia's producers pumped 10.7m barrels a day, a 1.4% rise on the year. In 2016, the growth accelerated and will come in at 2%, leaving output above 11m b/d, a post-Soviet record. The outlook for 2017 is similarly rosy. Production will stay slightly above 11m b/d. Three reasons explain why. First, upstream investments made when oil prices were higher, especially in so-
Also in this section
20 February 2026
The country is pushing to increase production and expand key projects despite challenges including OPEC+ discipline and the limitations of its export infrastructure
20 February 2026
Europe has transformed into a global LNG demand powerhouse over the last few years, with the fuel continuing to play a key role in safeguarding the continent’s energy security, Carsten Poppinga, chief commercial officer at Uniper, tells Petroleum Economist
20 February 2026
Sempra Infrastructure’s vice president for marketing and commercial development, Carlos de la Vega, outlines progress across the company’s US Gulf Coast and Mexico Pacific Coast LNG portfolio, including construction at Port Arthur LNG, continued strong performance at Cameron LNG and development of ECA LNG
19 February 2026
US LNG exporter Cheniere Energy has grown its business rapidly since exporting its first cargo a decade ago. But Chief Commercial Officer Anatol Feygin tells Petroleum Economist that, as in the past, the company’s future expansion plans are anchored by high levels of contracted offtake, supporting predictable returns on investment
