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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Dmitry Medvedev said European countries have failed to defeat Russia in Ukraine and have instead inflicted serious economic damage on themselves, as he criticised EU policy, praised Donald Trump as a leader who seeks peace, and said Russia would “soon” achieve military victory in the war.
Russian Security Council Secretary Sergei Shoigu has arrived in China for an official visit, where he is due to meet Chinese Foreign Minister Wang Yi to discuss international and regional security issues, Russian state media reported on Sunday.
U.S. and Russian representatives held talks in Florida on Saturday as part of Washington’s efforts to mediate a peaceful resolution to the war in Ukraine, according to US special envoy Steve Witkoff.
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 30th of January, covering the latest developments you need to know.
Newly released Epstein files name French President Emmanuel Macron among figures referenced in millions of disclosed documents.
The United Nations faces the risk of “imminent financial collapse” because of unpaid contributions, including substantial arrears from the United States, Secretary-General Antonio Guterres has warned.
Vladimir Putin said Russia earned more than $15 billion from defence exports in 2025 and fulfilled all military-technical contracts despite what he described as growing pressure from Western countries.
U.S. President Donald Trump said Washington may be able to reach a deal with Cuba, days after he threatened tariffs on any country supplying the island with oil.
Iran’s nuclear ambitions continue to shape regional tensions in the Middle East, particularly among key powers such as Israel and Türkiye, according to political analyst Dr Zaur Gasimov.
Iran’s foreign minister says a return to nuclear diplomacy with the United States remains possible, provided mutual trust can be restored, warning that any military confrontation would trigger a wider regional conflict.
A freight train carrying with Russian grain has departed from Bilajari station in Azerbaijan, heading to Armenia via transit routes through Georgia.
Iran will treat the armies of European Union member states as “terrorist groups” in retaliation for the EU’s decision to list Iran’s Islamic Revolutionary Guard Corps as a terrorist organisation, parliament speaker Mohammad Baqer Qalibaf said on Sunday.
A call has been made to parliaments worldwide in connection with the 13th session of the World Urban Forum (WUF13), urging stronger legislative engagement in advancing resilient cities and sustainable urban development.
A 5.2-magnitude earthquake struck the city of Asaluyeh in southern Iran on Sunday morning, according to state media.
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