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
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks