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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Despite the fact that many months have passed since the tragedy, Russia stubbornly refuses to admit guilt for the downed AZAL plane. Those responsible for this catastrophe have not yet been punished: they continue to serve, and some have even received promotions.
Russian President Vladimir Putin on Friday urged Russia’s aerospace industry to step up efforts to develop booster rocket engines and expand the country’s role in global space technology.
U.S. President Donald Trump said on Friday that India and Russia appear to have been “lost” to China after their leaders met with Chinese President Xi Jinping this week, before later clarifying that Washington had not lost New Delhi.
At the Shanghai Cooperation Organisation (SCO) summit in China, fresh details surfaced about the circumstances behind Azerbaijan’s blocked membership bid. Diplomatic sources cited by APA said the decision was not only driven by India but also actively supported by Russia.
AnewZ has learned that India has once again blocked Azerbaijan’s application for full membership in the Shanghai Cooperation Organisation, while Pakistan’s recent decision to consider diplomatic relations with Armenia has been coordinated with Baku as part of Azerbaijan’s peace agenda.
A powerful eruption at Japan’s Shinmoedake volcano sent an ash plume more than 3,000 metres high on Sunday morning, prompting safety warnings from authorities.
A day of mourning has been declared in Portugal to pay respect to victims who lost their lives in the Lisbon Funicular crash which happened on Wednesday evening.
The UK is gearing up for Exercise Pegasus 2025, its largest pandemic readiness test since COVID-19. Running from September to November, this full-scale simulation will challenge the country's response to a fast-moving respiratory outbreak.
A Polish Air Force pilot was killed on Thursday when an F-16 fighter jet crashed during a training flight ahead of the 2025 Radom International Air Show.
Türkiye plans to strengthen its energy ties with Iraq through oil, natural gas, and electricity projects, the country’s Deputy Minister of Energy and Natural Resources, Ahmet Berat Conkar, said at the Baghdad International Energy Forum.
Despite the fact that many months have passed since the tragedy, Russia stubbornly refuses to admit guilt for the downed AZAL plane. Those responsible for this catastrophe have not yet been punished: they continue to serve, and some have even received promotions.
Former U.S. President Joe Biden raised concern after being spotted in Delaware over Labor Day weekend with a large scar on his head while greeting well-wishers.
At the Prague Defence Summit, Defence Industries Secretary Haluk Görgün met with NATO Secretary General Mark Rutte, highlighting the sector’s rapid growth.
Azerbaijan has rejected Russia’s recent statement on insurance payments related to the downing of an AZAL plane, calling it misleading and an attempt to distort facts.
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