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
21 April 2026
After overcoming a COVID-induced demand collapse with several years of successful market management, geopolitical events have conspired to provide the pact’s biggest test to date
21 April 2026
The regime’s policy of using nuclear ambiguity as a deterrent may have failed but it has realised it has other cards to play, while its neighbours are reappraising their approach to security
21 April 2026
As the global energy system undergoes a fundamental realignment, Algihaz Holdings has established itself as a critical player bridging conventional energy markets and the next generation of renewable infrastructure.
21 April 2026
The 25th WPC Energy Congress is taking place from 11-15 October 2026 at the Riyadh Front Exhibition & Conference Center.
