- The Biden administration plans to relax sanctions against Venezuelan oil so that more of the country's oil may reach Europe
- European companies operating in the country might ship oil immediately as Chevron is allowed to negotiate a license with Venezuela’s national producer PDVSA
- The sanctions are being eased as global oil supply constraints drive up the cost of crude and fuels, threatening to exacerbate already high inflation
- Russian crude production in April fell by nearly 9% from March, showed an internal OPEC+ report on Tuesday (Reuters)
- According to figures compiled by OPEC+ from secondary sources, Russia's oil output was 9.16 MMBbl/d in April, down roughly 860 MBbl/d from March
- The recent spike in crude prices pushed Russia’s oil and gas earnings to 1.81 trillion roubles ($27.92 billion) in April, compared to a total of 2.97 trillion roubles for the first three months of the year, as per the finance ministry