Oil production in Siberia
Russia may defy production capacity doubters
The OPEC+ producer could bring significant idle barrels to the market in the next 12 months
Some experts are sceptical Russia can bring back many barrels should OPEC+’s group of voluntary producers continue to unwind production cuts. But the country’s more-than-adequate oil reserves, high and rising levels of drilling, increasing amounts of advanced production techniques and possession of a potentially world-class greenfield project in Vostok Oil means there is reason to be upbeat. Russia could add up to 800,000b/d on short notice, and perhaps substantially more on a five-year horizon. In April 2025, key producers within OPEC+ began rolling back 2.5m b/d of ‘voluntary’ production cuts. As of September, this process was completed, allowing Russia to increase its oil output from 10m
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
