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Russian Energy Minister Arrested On Embezzlement Allegations

Politics, Geopolitics & Conflict

Jordan is expecting to resume oil imports from Iraq this month to the tune of 10,000 bpd, after it had to suspend imports completely in August due to the pandemic. Jordan gets as much as 7% of its oil imports from Iraq, through a deal they forged last February. The current import deal is set to expire in November.

As another part of the saga that never ends, Nigeria is asking a Milan court for an immediate advanced payment from Eni and Shell - a payment that would exceed $1 billion - in the corruption trial over the infamous OPL 245 oilfield. Nigeria, the largest oil producer in Africa, gets 86% of all export revenue from its oil and gas industry, yet the country is riddled with energy insecurity and corruption. Nigeria’s budget office warned that the country could fall into a recession in the third quarter on the back of low oil prices and the pandemic.

Russia has detained Deputy energy Minister Anatoly Tikhonov on embezzlement (allegedly $7.9 million) allegations after a search of the ministry this week. Tikhonov will be jailed for two months while he awaits trial. Tikhonov is one of eight deputy energy ministers under Alexander Novak, and his arrest (in a country where corruption is endemic) will likely signal that he or whoever he is connected to has fallen from Putin’s good graces.

There was a fair amount of premature excitement over news of Hess (a mid-cap American oil company) possibly attempting…

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