Putin Orders Support for Russia’s Oil Industry Amid OPEC+ Cuts

Financial Post | May 23, 2020 at 10:56 AM
  • Russian President Vladimir Putin gave his government until June 15 to come up with a plan to support the country’s oil industry while output is slashed under an agreement among the world’s main producers.
  • Putin ordered ministers to work out “special rates” that pipeline operator Transneft PJSC and Russian Railways JSC will charge for transporting crude and petroleum products while the OPEC+ agreement is in effect.
  • Large oilfield servicing companies could also be included in the government’s list of systemically important companies, making them eligible for state support.