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

Also in this section
9 July 2025
Efforts to restructure and boost investment appear to be working, but doubts remain about the plan to almost double crude production by 2030
7 July 2025
The end of Grangemouth and Lindsey oil refineries marks a worrying trend across Europe amid cost and transition pressures
3 July 2025
The July/August 2025 issue of Petroleum Economist is out now!
2 July 2025
The global energy community will converge in Dubai on 10 December for a landmark event dedicated to shaping the future of natural gas across the region