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.
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Insight | Apr 2016
Russian oil production - freezing at peak?
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