FSUOGM - Former Soviet Union Oil & Gas
A high-ranking US official says Washington is ready to lift sanctions on a subsidiary of Russia’s largest oil operator Rosneft, provided that the company can show that it is no longer doing business in Venezuela.
The unprecedented glut in global oil supply has tested storage capacity to the limits, driving the world’s biggest producers to negotiate a truce this year and curb their output.
Economy forecast to shrink by 0.9%.
Donald Trump said on April 2 that Russia and Saudi Arabia would be cutting their output, instead of continuing with a supply war that could result in hundreds of oil companies going out of business. The Kremlin denied his claim.
The Saudi-led oil glut leaves the energy transition and decarbonisation efforts hanging in the balance