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 headquarters of the Venezuelan state-owned oil company PDVSA in Caracas, Venezuela, Jan. 28, 2019 (AP photo by Fernando Llano).
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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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