What will Russia do?
The country's big producers have met most of the terms of the deal with Opec. But patience with the cuts is wearing thin
Russia's participation in the supply deal with Opec last year was essential to getting it across the line—without Moscow's agreement and, in the months after, Russian firms' unexpected adherence to the cuts, it didn't stand a chance. After eight months of cuts, oil prices are back beneath their level on the eve of the pact last November. Russia's producers, itching to get back to growth, may be getting cold feet about an agreement that is undermining their investment case, while plainly not yet yielding the boost from higher prices. The agreement, which was extended in May for another nine months, is curbing the operational performance of the Russian oil industry. Rosneft, which accounts for
Also in this section
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
