Saudi Arabia is following through on its threat to flood the market, after Russia last month rejected a Saudi-led OPEC proposal for significant production cuts to backstop already sliding oil prices from the coronavirus pandemic's impact on the global economy.

Podcast/Audio - US lawmakers from oil-producing states are trying to increase pressure on the White House to do something to help drillers getting hammered by plummeting prices -- from aggressive diplomacy to banning crude imports.

Стратегия направлена на обеспечение перехода России на траекторию диверсифицированного экономического развития, характеризующегося низким уровнем выбросов парниковых газов.

The discussions between Washington and Moscow mark a new twist in global oil diplomacy since a failed deal earlier this month between the Organization of the Petroleum Exporting Countries and Russia to cut production ignited a price war that sent oil prices tumbling.

A group of six U.S. senators wrote a letter to Secretary of State Mike Pompeo this week saying Saudi Arabia and Russia “have embarked upon economic warfare against the United States” and were threatening U.S. “energy dominance”.

Saudi energy minister Prince Abdulaziz bin Salman and Russian counterpart Alexander Novak have not held any discussions about a joint agreement to balance oil markets, indicating no resolution to the price war.

Oil exporters in the Middle East and North Africa region will lose $192 billion in crude income in 2020

Rosneft entered into an agreement with a company 100%-owned by the Russian government on the sale of shares and termination of its participation in all projects in Venezuela,

Russia ramped up measures to combat the virus on Wednesday, with Russian President Vladimir Putin announcing that next week would be a paid non-working week throughout the country.

Some US shale producers have been pressuring the Trump administration to intervene in the price war, which broke out after Russia earlier this month declined to go along with an OPEC proposal for production cuts to prop up prices.