Russian Prime Minister Vladimir Putin said that his Cabinet will back a U.S.-Russian joint venture to drill for crude oil in the Black Sea, according to AP. Putin says that in light of the Gulf of Mexico disaster any undersea drilling by U.S.-based Chevron and Russia's state-owned Rosneft must adhere to the highest ecological standards. Chevron and Rosneft signed an agreement at Putin's suburban Moscow residence on Thursday. The agreements calls for the development of the Val Shatsky deposit near Russia's port of Novorossiisk. The Black Sea is shared by six countries and considered to be particularly vulnerable ecologically due to the low level of fresh water inflow. -- SPA
