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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Iran has called for a diplomatic solution after U.S. President Donald Trump rejected its Hormuz proposal, while Foreign Minister Abbas Araghchi said Tehran was awaiting a definitive U.S. response through mediators.
A Russian guided aerial bomb has struck an apartment building in Kharkiv, injuring 22 people, including children, according to the city’s mayor. The strike follows a day of near-continuous Russian attacks across Ukraine that killed at least five people.
British police have arrested five men on suspicion of offences under the Explosives Act after a major security incident was declared near RAF Fairford, a British air base used by U.S. air forces in Gloucestershire, England.
Saudi Foreign Minister Prince Faisal bin Farhan has arrived in Washington for talks with U.S. Secretary of State Marco Rubio on bilateral ties and key regional and international developments, Saudi state news agency SPA reported.
Here's your AnewZ Daily Brief for 28 September 2026. These are the top stories making headlines in technology.
Afghanistan’s Ministry of Defence says its forces killed 28 fighters and captured 32 others in Nuristan after armed groups, including alleged Islamic State members, crossed the border from Pakistan on Saturday.
Iran’s Islamic Revolutionary Guard Corps (IRGC) says it has captured a second U.S. military unmanned underwater vehicle in the Strait of Hormuz, as tensions between Tehran and Washington remain high.
Pakistan and Afghanistan have traded fresh accusations over alleged militant activity in Afghanistan’s northeastern Nuristan province as tensions between the two neighbours escalate.
Willy Sagnol’s six-year spell as Georgia head coach has ended, closing a historic chapter that saw the country reach its first European Championship and advance to the last 16.
Saudi Foreign Minister Prince Faisal bin Farhan arrived in Washington on Monday for talks with U.S. Secretary of State Marco Rubio as Houthi attacks increase pressure on Riyadh and threaten Red Sea shipping.
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