Russia back to growth, of a kind
Petroleum supplies to the international market should rise in 2018
We expect further production growth from Russia's oil sector in 2018. Despite the oil price, which remains relatively low, technological and financial sanctions against Russia, which were strengthened in 2017, and the deal with Opec to cut production, which curbed Russian supply last year, 2018 will bring more oil. It will be the resumption of the trend. Between 2012 and 2016, Russian oil output rose by 6%, from 10.4m barrels a day to 11m b/d. And according to our estimates, in 2018 the number should increase to around 11.4m b/d. It's not all straightforward, because the producing profile has been changing over recent years. Oil production in older fields, the brownfields, fell by 5% (or 400
Also in this section
10 March 2026
Eni’s director for global gas and LNG portfolio, Cristian Signoretto, discusses how demand will respond to rising LNG supply, and how the company is expanding its own gas and LNG operations through disciplined, capital-efficient investments
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
9 March 2026
Energy sanctions are becoming an increasingly prominent tool of US foreign policy, with the country’s growth in oil and gas production allowing it to impose pressure on rivals without jeopardising its own energy security or that of its allies, argues Matthew McManus, a visiting fellow at the National Center for Energy Analytics
6 March 2026
The March 2026 issue of Petroleum Economist is out now!
