It is notable in this Financial Times piece that U.S. players are now mentioning the prospect of sanctions moderation in the discussion of how to get Russia to the OPEC++ negotiating table. Admittedly it was also couched in the frame of sanctions potentially being tightened if Russia does not comply.

But Russian President Vladimir Putin’s game in this oil price war has always been to get the issue of sanctions moderation as center stage, and that seems to be the case. The Russian aid drop to the U.S. this week for COVID-19 also plays well for U.S. President Donald J. Trump’s hope for re-engagement with Putin — the guy just loves those Moscow hotels.