Why Russia’s Oil Giant, Rosneft, Abruptly Cut Its Ties With Venezuela

Why Russia’s Oil Giant, Rosneft, Abruptly Cut Its Ties With Venezuela
The headquarters of the Venezuelan state-owned oil company PDVSA in Caracas, Venezuela, Jan. 28, 2019 (AP photo by Fernando Llano).

The surprising decision this week by Russian oil giant Rosneft to pull out of Venezuela provides a textbook study of the intricacies of Russia’s global energy wars. It was only six months ago that Russia’s majority state-owned oil company was poised to take over its nationalized counterpart in Venezuela, PDVSA, in a bid to insulate President Nicolas Maduro’s regime from increasingly harsh U.S. sanctions. Now, it looks like Rosneft may be buckling under the pressures of a coronavirus-induced slump in oil demand, a price war with Saudi Arabia and continued American sanctions. Or, at least, that’s how it looks on […]

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