A potential Ukraine ceasefire and the associated easing in sanctions on Russia are unlikely to substantially increase Russia's oil flows, Goldman Sachs said on Wednesday.
U.S. President Donald Trump's administration said on Tuesday it had agreed to hold more talks with Russia on ending the war in Ukraine.
"We believe that Russia crude oil production is constrained by its OPEC+ 9.0 million barrels per day (mbpd) production target rather than current sanctions, which are affecting the destination but not the volume of oil exports," Goldman Sachs said.
OPEC+, a grouping of the Organization of the Petroleum Exporting Countries along with Russia and other allies, pumps about half the world's oil.
The bank assumes that OPEC+ is likely to postpone its planned gradual ramp-up in oil production to July this year from April, on increased compliance with OPEC+ targets by Russia and several other OPEC+ producers, as well as continued uncertainty surrounding U.S. policy.
OPEC+ pushed the plan to begin raising output to April, extending its latest layer of cuts through the first quarter of 2025 in December due to weak demand and rising supply outside the group.
On Monday, Russia's RIA state news agency reported Russian Deputy Prime Minister Alexander Novak saying that OPEC+ producers were not considering further delays in the monthly oil supply increases.
Russia, as one of the world's top oil suppliers, holds substantial sway over global oil markets and prices.
Goldman Sachs continues to expect potential recoveries in positioning and valuation to nudge Brent up to $79 per barrel later this month.
Brent crude prices were trading at about $76 a barrel as of 0537 GMT on Wednesday.
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Ukrainian President Volodymyr Zelenskyy has rejected a German proposal to grant Ukraine “associate” membership of the European Union, warning it would leave Kyiv without a meaningful voice in the bloc.
Ukraine’s military denied that it struck a student dormitory in the Russian-controlled Luhansk region on Friday (22 May).
Fighting in the Russia–Ukraine war has intensified sharply, with both sides launching significant strikes far beyond the front lines as the conflict enters its 1,549th day.
Belarusian President Alexander Lukashenko has said Belarus will not be dragged into the war in Ukraine, while also stressing that Minsk and Moscow would jointly respond to any aggression against them.
Belarusian President Alexander Lukashenko has said Belarus will not be dragged into the war in Ukraine, while also stressing that Minsk and Moscow would jointly respond to any aggression against them.
Fighting in the Russia–Ukraine war has intensified sharply, with both sides launching significant strikes far beyond the front lines as the conflict enters its 1,549th day.
As the 13th edition of the World Urban Forum ended, Azerbaijan's Pavilion showcased reconstruction efforts in its liberated territories and foregrounded the importance of mine removal in resettlement efforts.
A French appeals court has found Airbus and Air France guilty of corporate manslaughter over the 2009 Rio–Paris crash, marking a major development in a case that has stretched on for 17 years.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for the 22nd May, covering the latest developments you need to know.
Archaeologists in Kyrgyzstan’s Naryn region are uncovering medieval bathhouses, mausoleums and ancient Silk Road settlements, while warning that many historical sites are rapidly deteriorating because of weather and erosion.
An interactive map showcasing the Christian heritage of Caucasian Albania in Garabagh was presented in London this week, highlighting Azerbaijan’s efforts to preserve and promote the religious and cultural legacy of the region.
The nomination of Russian-Armenian businessman Ruben Vardanyan for the 2026 Václav Havel Human Rights Prize has triggered criticism.
Turkish Foreign Minister Hakan Fidan met U.S. Secretary of State Marco Rubio on Friday (22 May) on the sidelines of a NATO foreign ministers’ meeting in the Swedish city of Helsingborg.
Traditional pottery from Gijduvan has officially received geographical indication status in Uzbekistan, recognising the centuries-old craft as a product closely linked to its region of origin and cultural heritage.
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