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
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