The commitment was made during Putin’s two-and-a-half-hour phone call with President Trump during which the two discussed the next steps in the Ukraine war. A full 30-day ceasefire, as originally proposed by the U.S. side, was rejected by Russia, which sees it as a means of giving the Ukrainian army a break to rearm. One of Russia’s conditions for a peace agreement is the suspension of all U.S. military aid to the Kyiv government.
Russia is increasingly using cryptocurrencies in its oil trade with top clients China and India amid U.S. sanctions, Reuters has reported, citing unnamed sources, who said Russian oil traders were using the cryptocurrencies to facilitate the conversion of yuans and rupees into rubles.
Russia is to restart its key oil and gas operations in the semi-autonomous Kurdistan Region of Iraq (KRI) according to recent comments from its Energy Minister Sergei Tsivilev.
Three years ago, Europe suffered one of its biggest energy crises in modern history following Russia’s invasion of Ukraine.
The eight OPEC+ countries that pledged additional voluntary output reductions in 2023 have announced that they will proceed with their plan to gradually roll back the reductions.
Iraq is committed to increasing investment in its gas sector as a key driver for economic growth, according to Oil Minister Hayan Abdul Ghani recently.
OPEC+ has not discussed delaying the increase in its oil supply currently planned to begin in April, Russian Deputy Prime Minister Alexander Novak said on Monday.
Trade for March-loading Russian oil in top buyer Asia has stalled as a wide price gap between buyers and sellers emerged in China after costs for chartering tankers unaffected by U.S. sanctions jumped, according to traders and shipping data.
Sweeping US sanctions on Russia’s oil industry are unlikely to result in a “large hit” to production, as higher freight rates and the nation’s cheap crude support the trade, according to Goldman Sachs Group Inc.
The Biden Administration’s final sanctions on Russian oil trade were the most aggressive yet and sanctioned dozens of vessels that Russia used to ship the ESPO crude blend from its Far East port of Kozmino to China’s independent refiners.