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.
U.S. President Donald Trump told reporters he was "not satisfied" with Iran's latest peace proposal, which was delivered to Wash...
Preparations for Vladimir Putin’s upcoming visit to Kazakhstan were a central focus of talks in Astana between President Kassym-Jomart Tokaye...
An international youth forum titled “Strengthening the Role of Youth in the Postcolonial Era” opened in Baku on 1 May, bringing togethe...
Azerbaijan’s capital, Baku, has hosted the International Carpet Festival for the second time, with this year’s event opening with discu...
A large diplomatic delegation is touring Azerbaijan’s Garabagh and East Zangezur regions, observing reconstruction projects and memorial...
Preparations for Vladimir Putin’s upcoming visit to Kazakhstan were a central focus of talks in Astana between President Kassym-Jomart Tokayev and Russian Foreign Minister Sergey Lavrov.
A fresh Ukrainian drone strike on Russia’s vital Black Sea port of Tuapse has sparked a massive fire at the sea terminal, local officials confirmed early on Friday.
Kazakhstan says it is continuing its investigation into the 2024 Azerbaijan Airlines crash near Aktau, with the official inquiry still ongoing.
European Commission President Ursula von der Leyen’s latest statements have become a contested topic in Türkiye and beyond - less for what they intended to say than for what they inadvertently revealed.
A report published by Minval Politika has raised new questions over alleged efforts by Luis Moreno Ocampo to shape international pressure against Azerbaijan and influence political dynamics around Armenia.
A Pentagon official provided the first official estimate of the cost of the U.S. war in Iran on Wednesday (29 April), telling lawmakers that $25 billion had so far been spent on the conflict, most of it on munitions. Earlier, Donald Trump said that the U.S. had "militarily defeated" Tehran.
Iran’s Supreme Leader Mojtaba Khamenei warned “foreigners who commit evil” have no place in the Gulf, outlining a “new phase” for the Strait of Hormuz, while a senior adviser said U.S. blockade efforts would fail and could trigger confrontation.
Shares in Meta Platforms fell sharply in extended trading on Wednesday after the tech giant raised its annual capital spending forecast by billions of dollars.
U.S. President Donald Trump told reporters he was "not satisfied" with Iran's latest peace proposal, which was delivered to Washington via Pakistani mediators on Friday (1 May).
Preparations for Vladimir Putin’s upcoming visit to Kazakhstan were a central focus of talks in Astana between President Kassym-Jomart Tokayev and Russian Foreign Minister Sergey Lavrov.
An international youth forum titled “Strengthening the Role of Youth in the Postcolonial Era” opened in Baku on 1 May, bringing together delegates from current and former colonies to discuss decolonisation, self-determination and the role of young people in shaping global governance.
Azerbaijan’s capital, Baku, has hosted the International Carpet Festival for the second time, with this year’s event opening with discussions on challenges facing the global carpet industry.
A large diplomatic delegation is touring Azerbaijan’s Garabagh and East Zangezur regions, observing reconstruction projects and memorial sites tied to recent conflicts. The visit highlights both infrastructure development and unresolved humanitarian issues raised by officials.
Minval Politika has released further footage it says shows former International Criminal Court Chief Prosecutor Luis Moreno Ocampo discussing alleged funding behind campaigns linked to Armenia and Azerbaijan.
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