Related Articles
Outlook 2017
Forward article link
Share PDF with colleagues

Resilient Russia

In 2016, the country defied the doubters. Oil production kept rising and new energy-export plans made progress

Russia's oil sector got off its knees in 2016, thanks partly to a rally in crude prices and partly to sheer (and unexpected) resilience. A privatisation plan stuttered, though, and sanctions, together with geopolitical disputes over Ukraine and Syria, overshadowed progress. Many market watchers expected Russian energy output - which accounts for almost half of its budget - to wilt in the face of cheap oil and a saturated global gas market in 2016. Recession, said the doubters, would surely deepen. Instead, oil output rose steadily, hitting a post-Soviet high of 11.1m barrels a day in September; Gazprom's shipments to its core market of Europe hit a record in October; and analysts said the

Also in this section
New crisis and old
22 January 2018
Subdued oil prices and intractable wars cast a shadow over the year
Oil through the worse?
22 January 2018
Opec cut, shale grew, stocks fell, demand soared, prices rose and balance—the oil market's magic word—drew near
Peak demand and oil's long-term trap
19 January 2018
Fixating on the timing of a peak in oil demand is misplaced. Rather, the peak's significance is in shifting the paradigm, from perceived scarcity to perceived abundance. And it poses a problem for low-cost producers