Moscow calling the shots

Russia ramped up production in 2018, with Arctic developments playing a major role

Russia broadly aligned itself with Opec's efforts during 2018 to cut production and reduce a worldwide glut. The Russian Federation had significant bearing on the alliance's efforts to be successful. The participating countries were seen beating estimates earlier in 2018, as oil producers exceeded their production cut commitments. The group did such a good job in cutting output that oil prices hit three-and-a-half-year highs in mid-2018. After that, Russia hit new production records. Despite market chatter in November that a new output reduction pact might be needed, Moscow appeared unconvinced that the global market would be oversupplied. It was later reported that Rosneft, Russia's largest