• 6 minutes WTI @ 67.50, charts show $62.50 next
  • 11 minutes Saudi Fund Wants to Take Tesla Private?
  • 17 minutes Why hydrogen economics is does not work
  • 38 mins The EU Loses The Principles On Which It Was Built
  • 6 hours Starvation, horror in Venezuela
  • 2 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 5 hours Crude Price going to $62.50
  • 21 hours Anyone Worried About the Lira Dragging EVERYTHING Else Down?
  • 1 hour WSJ *still* refuses to acknowledge U.S. Shale Oil industry's horrible economics and debts
  • 14 hours Chinese EV Startup Nio Files for $1.8 billion IPO
  • 1 day Oil prices---Tug of War: Sanctions vs. Trade War
  • 1 day Russia retaliate: Our Response to U.S. Sanctions Will Be Precise And Painful
  • 1 day Correlation does not equal causation, but they do tend to tango on occasion
  • 1 day Monsanto hit by $289 Million for cancerous weedkiller
  • 17 hours < sigh > $90 Oil Is A Very Real Possibility
  • 34 mins Saudi Arabia Cuts Diplomatic Ties with Canada
Goldman: Trade War Won't Crash Oil Prices

Goldman: Trade War Won't Crash Oil Prices

In spite of the impact…

Oil Prices Hit 7-Week Low As Trade War Heats Up

Oil Prices Hit 7-Week Low As Trade War Heats Up

Oil prices traded close to…

U.S. Asks Business Leaders To Boycott Russian Meeting

The White House is discouraging business leaders from attending an economic summit in Russia later this month. The St. Petersburg International Economic Forum runs from May 22-24, and U.S. government officials are hoping to further isolate the Kremlin for its aggressive actions in Ukraine by keeping investors and capital away from Russia.

According to several reports, White House officials made personal telephone calls to leaders of some of the biggest companies that planned on attending. Some appear to be listening. The CEO of Alcoa Inc., Klaus Kleinfeld, agreed not to attend. “In light of the U.S. government's requirements, Alcoa has adjusted its attendance at the St. Petersburg International Economic Forum,” the company said in a statement. Other companies that agreed to skip the conference include Goldman Sachs, PepsiCo, Morgan Stanley, and ConocoPhillips.

Still, some business leaders are worried about a backlash from Russian President Vladimir Putin that could affect their business interests in Russia, according to The New York Times. Several companies are sending lower-level Moscow-based executives to the event, in an effort to please both the White House and Putin. Privately, many major companies expressed frustration at the difficult position the White House is putting them in.

Related Article: Weakening Russian Energy Sector May Not Support Geopolitical Ambitions

The U.S. has also decided not to attend an energy forum that will be held in Moscow May 15 and 16. The biennial International Energy Forum, headquartered in Riyadh, Saudi Arabia, was formed following the Gulf War in the early 1990s after oil prices shot up. It is a regular meeting at the ministerial level and the 80+ member countries represent more than 90 percent of the world’s oil and gas reserves.

With violence between pro- and anti-Russian forces growing worse in eastern Ukraine, there is little hope that relations between Russia and the U.S. will improve anytime soon.

By Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News