Russia’s Largest Oil Producer Halts Operations In Venezuela

Russia’s largest oil producer, Rosneft, has announced that it is halting operations in Venezuela and selling its assets there to a company fully owned by the Russian government. Rosneft said in a statement on March 28 that it “concluded an agreement with the company 100 percent owned by the government of the Russian Federation, to sell all of its interest and cease participation in its Venezuelan businesses,” including multiple joint ventures, oil-field services companies, and other activities. The move appeared to be aimed at protecting…