Russia: Arctic Oil Project Aims for Up to 2 Million Barrels per Day

Following the Russia-Ukraine conflict, Russia is focusing on the Vostok Oil project in the Arctic to boost its oil production, with a potential capacity of 2 million barrels per day. Led by state-owned Rosneft, this project could account for nearly 2% of global oil supply, offering significant economic benefits to Russia. The Arctic, rich in hydrocarbons, is contested by major powers, but large-scale extraction raises environmental concerns. Commercialization of the project began in September 2026 amid heightened geopolitical tensions.