Venezuela’s state-run oil company PDVSA is telling customers of its joint ventures to deposit oil sales proceeds in an account recently opened at Russia’s Gazprombank AO, according to sources and an internal document seen by Reuters on Saturday.
https://www.reuters.com/article/us-venezuela-politics-pdvsa-banks-exclus-idUSKCN1PY0N3
Are we surprised?
Russian oil production might never recover to pre-coronavirus levels, the country's Energy Ministry has forecast, according to the Kommersant business paper.
In a strategy document outlining prospects for Russia's critical oil and gas industry, the government said its “base case” — or most likely — scenario is that Russia's oil production will never again hit the record levels recorded in 2019.
the Energy Ministry expects production to pass pre-coronavirus levels, peaking in 2030 at 12.8 million barrels a day before starting to decline. In every scenario presented, the Energy Ministry said Russian oil production had either already peaked, or would hit its maximum level within the next decade, Kommersant reported.