Is Russia edging towards the Opec exit?
Russian output remains much higher than the level it agreed to in December 2016 and producers have big expansion plans
All the talk ahead of Opec's June meeting in Vienna is about converting the alliance Opec signed with Russia into an as-yet-undefined long-term pact. Yet the word from corporate Russia is somewhat different: after more than a year of restraint, some of the country's biggest producers are outlining big new upstream growth and investment plans. Energy Minister Alexander Novak has, at least, added his voice to the plans for indefinite cooperation with Opec—yet, as some observers in Moscow note, the need to rejig things may also be a tacit admission that the current arrangement has run its course. While Russia has no plans to join Opec, Novak said the Kremlin is looking at a range of other forma
Also in this section
10 December 2024
Sector at economic and strategic crossroads, but clear path ahead for midstream additions
30 November 2024
Decades of turmoil have left Iraq’s vast energy potential underutilised, but renewed investment and strategic reforms are transforming it into a key player in the region
29 November 2024
The country's fifth and sixth oil and gas bid rounds have attracted a range of new players with gas as well as oil ambitions—and there’s a seismic shift in the contracting process
28 November 2024
Iraq is charting a new path for its indigenous resources and its youth, hoping to electrify the future with a mix of reforms and modernisation to fuel growth
