Relying on Moscow
Russia holds the Opec agreement's success in its hands
Russia's oil producers, under pressure to deliver the cuts energy minister Alexander Novak pledged in December, will stall for as long as possible before they reduce output. Russia committed to reduce output by 300,000 barrels a day over the first half of this year. After meeting the country's oil producers later in December, Novak said cuts of 200,000 b/d would be made by the end of the first quarter, leaving the full target to be reached three months after. The cuts are to be distributed proportionally around Russia's producers, but no specific quotas were set. The market remains sceptical. Most of Russia's producers have, at least, voiced public support for the deal, but haven't been clea
Also in this section
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
