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.

Putin and Trump discussed the oil market at a time when prices continue to tumble due to the collapse of the OPEC+ crude production cut agreement, and the major economic impact of the coronavirus pandemic.

Financing of RusHydro’s investment program for 2020-2025 amounts to RUB 634.04 bn, out of which RUB 430.4 bn is allocated for projects in the Far East. The investment program is balanced from the point of view of financing sources.

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.

gas prices in Europe and Asia have collapsed to record lows, while the U.S. Henry Hub benchmark tumbled to its lowest since 1995.

As for last year's production volumes, we produced 500.1 billion cubic meters of gas and exported 199.3 billion cubic meters. The latter figure is slightly lower than in 2018, which was marked by a record 201.8 billion cubic meters. We also preserved our share in the European market at 35.6 per cent.

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.

China is saving about $250mn a day after crude prices crashed this year amid dual demand and supply shocks.

Significant volumes of Russian gas currently are transited to Germany via Poland, which are a key revenue generator for the country.

State-owned oil and gas major Gazprom announced on February 20 it is looking to produce hydrogen from natural gas.

nine Republican senators asked the Department of Commerce to launch an anti-dumping case against Saudi Arabia following its price war with Russia.