Insight
Russian oil production - freezing at peak?
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Report summary
On 17 April, OPEC and Russia along with several other non-OPEC producers will be meeting in Doha to discuss a potential freeze in oil production with the aim to stabilise the oil price. Russia was initially not inclined to enter an agreement with OPEC. However, as the oil price dropped further, pressure on the 2016 budget increased. Russia coordinated a preliminary agreement in February with Saudi Arabia, Venezuela and Qatar to freeze production at January 2016 levels. If an agreement in Doha is reached, the impact would be limited for Russian oil companies. January oil output was at post-Soviet record levels and Wood Mackenzie assumes the annual average for 2016 to be lower.
Table of contents
- Executive summary
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The changing Russian position
- 2015: Little interest
- 2016: Russia takes the lead
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Impact of a freeze limited
- What would the impact on Russia be?
Tables and charts
This report includes the following images and tables:
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Key increases in January 2016 vs annual average oil production in 2015Monthly Russian liquids productionCash flow breakeven price in 2016The changing Russian position
What's included
This report contains:
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