Business Report: Exxon Mobil to stop drilling oil in the Black Sea

Exxon Mobil will not resume drilling in the Black Sea after the company’s request for a waiver was denied.

The Trump Administration has rejected Exxon Mobil’s request to resume oil drilling around the Black Sea.

The Treasury Department announced the administration will not be issuing waivers to us companies authorizing drilling prohibited by current Russian sanctions.

Exxon has been seeking the waiver to resume a joint venture with Rosneft, a Russian state-owned oil company, and while the company understands the decision, it suggests this will merely help European oil companies operating under less-stringent restrictions.