23 January 2018
Opec's new partner
Russian producers grudgingly adhered to the cuts and a stronger oil price helped perk up the economy
Russia made some unusual strides in its energy strategy in 2017. After agreeing to the supply pact with Opec at the end of 2016, it came good—surprising some—on its pledge to cut 300,000 barrels a day of output. Then, as the year moved on, its relationship with Saudi Arabia deepened further, becoming a broad investment and geopolitical alliance. The unorthodoxy wasn't to everyone's taste: many of Russia's own energy majors bristled at the Opec cuts, which forced them to shelve a number of greenfield projects in Siberia. By October, after the Saudi king's visit to Moscow and deals between the countries worth $3bn were agreed, it seemed the producers would have to get used to the new state of
Also in this section
21 February 2025
While large-scale planned LNG schemes in sub-Saharan Africa have faced fresh problems, FLNG projects are stepping into that space
20 February 2025
Greater social mobility means increased global demand for refined fuels and petrochemical products, with Asia leading the way in the expansion of refining capacity
19 February 2025
The EU would do well to ease its gas storage requirements to avoid heavy purchase costs this summer, with the targets having created market distortion while giving sellers a significant advantage over buyers
18 February 2025
Deliveries to China decline by around 1m b/d from move to curb crude exports to Shandong port, putting Iran under further economic pressure
