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.
There are fears of an oil spill after a drone strike hit a Kuwaiti oil tanker near Dubai on Tuesday, while U.S.-Israeli strikes in Iran report...
NASA is preparing to launch Artemis II with four astronauts on a roughly 10-day mission around the Moon, marking its most ambitious human spaceflig...
Türkiye secured their place at the 2026 FIFA World Cup with a 1–0 away victory over Kosovo in the European qualifying play-off final, en...
Armenian Prime Minister Nikol Pashinyan is in Russia for a working visit, with talks expected to focus on bilateral and regional cooperation with R...
Japan and France agreed on Wednesday to coordinate closely in efforts to end the U.S.-Israeli war with Iran and reopen the Strait of H...
Armenian Prime Minister Nikol Pashinyan is in Russia for a working visit, with talks expected to focus on bilateral and regional cooperation with Russian President Vladimir Putin.
Russian-flagged tanker carrying approximately 700,000 barrels of crude oil docked at Cuba's Matanzas oil terminal on Tuesday, shipping data confirmed, marking a vital and controversial delivery to an island paralysed by severe energy shortages and a suffocating U.S. blockade.
The European Union's top diplomat Kaja Kallas and several EU foreign ministers voiced their support for Ukraine's demand for accountability over Russian atrocities committed in Bucha, as they visited the small town on Tuesday (31 March) on the fourth anniversary of a massacre there.
A Russian military An-26 aircraft has crashed in Crimea, killing all 30 people on board, Russia’s Defence Ministry has confirmed.
The Iran-U.S.-Israel conflict is intensifying, with fresh strikes near Tehran, European calls for restraint, and Iran threatening to target U.S. firms in the region, raising fears of a broader escalation across the Middle East.
There are fears of an oil spill after a drone strike hit a Kuwaiti oil tanker near Dubai on Tuesday, while U.S.-Israeli strikes in Iran reportedly killed at least two people. A loud explosion was heard in Beirut in southern Lebanon early Wednesday, as oil prices climbed above $100 a barrel.
China's three largest state-owned airlines have issued warnings regarding their financial outlook for the current year, acknowledging that the eruption of war involving Iran has driven jet fuel prices to unsustainable highs.
At least 70 people have been killed and more than 30 wounded in a gang attack in Haiti’s Artibonite region, according to two rights organisations, as thousands of residents fled the violence in the towns of Jean Denis and Pont Sondé.
Three United Nations peacekeepers from Indonesia were killed in two separate incidents in southern Lebanon after a bloody weekend in which Lebanese journalists and medics were killed in Israeli strikes.
Armenian Prime Minister Nikol Pashinyan is in Russia for a working visit, with talks expected to focus on bilateral and regional cooperation with Russian President Vladimir Putin.
Japan and France agreed on Wednesday to coordinate closely in efforts to end the U.S.-Israeli war with Iran and reopen the Strait of Hormuz to oil and gas tankers, Prime Minister Sanae Takaichi said.
Amid ongoing devastation in Gaza, small efforts are helping to support children affected by months of conflict. One initiative in Khan Younis offers a brief escape and a moment of relief for some of the youngest victims of the war.
The World Bank has approved a $2 billion (€1.7 billion) loan to Türkiye for a new railway line across the Bosporus, the country’s Finance Ministry confirmed on Wednesday.
Iranian President Masoud Pezeshkian has criticised the European Union’s “destructive” stance in the Israel–U.S. war against Iran, calling for a more constructive approach, official sources in Tehran reported.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment