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Is Russia’s cooperation with OPEC a long-term strategy?

  • Monday, April 17, 2017
  • Posted By Meagan Wildfong

BarrelBlog
Barrel Blog | Rosemary Griffin, Reporter | April 17, 2017 

Russia has used its position as leader of the non-OPEC coalition to strike upstream deals with OPEC members as a possible quid pro quo for spearheading non-OPEC involvement in the production cut to balance global supply.

With visits from Iraqi and Kuwaiti oil ministers and the annual OPEC/Russia energy dialogue meeting scheduled to take place before the end of June, this trend could continue, as Russian companies seize the opportunity to discuss bilateral cooperation on the sidelines of discussions about the output deal.

 

Before significantly increasing discussions over the OPEC/non-OPEC deal early last year, Russia’s involvement in OPEC member states’ oil production centered around a few key partnerships. The more successful include operations in Iraq, where Gazprom Neft produces at Badra and blocks in Iraqi Kurdistan, as well as Lukoil’s involvement in the West Qurna 2 and Block 10.

 

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