August 11, 2016

Russia Oil Production Is Flying High

   August 11, 2016

Russia Oil Production Is Flying High


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Editor’s remarks:

Russian production has only slightly dipped recently, allowing Saudi Arabia to take over as the world’s largest producer. However, Russia, which has suffered greatly from the global oil glut and repercussions from its involvement in Crimea and Ukraine, refuses to entertain the idea of possibly freezing production. Over the short term, Russia has suffered from GDP growth hanging in the negatives for some time. However, it wasted no time in reestablishing ties with an alienated Erdogan and Turkey, spurned by western nations and desperate for an economic boost. With a major pipeline construction likely to be accepted now, cheap Russian gas could be more easily transported and give Putin a major boost. The long term, which could easily see the EU suffer post-Brexit, may include Russia finding more welcome trade partners in more westerly places.

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