June 2017

The US Energy Information Administration lowered its crude-oil price forecast and raised its US production outlook for 2018. The lower price forecast reflects the possibility of a return to modest oversupply in global oil markets in 2018.

"We are willing to sit and talk," Qatari Foreign Minister Sheikh Mohammed bin Abdulrahman al-Thani told CNN late on Tuesday. He said his country was "protecting the world from potential terrorists".

Global benchmark Brent LCOc1 advanced 1.1 percent to $50.48 a barrel. U.S. oil CLc1 also climbed 1 percent to $48.17.

A crude price in the $50s is the new reality for bosses of some of the world’s largest producers as output caps from OPEC and its allies are balanced out by rising U.S. shale.

As oil prices sag despite OPEC’s renewed efforts to shore up world crude markets, Wall Street banks have more bad news for the producer group: the outlook for next year isn’t great either.

Alexey Miller, Chairman of the Management Committee of Gazprom, and Ben van Beurden, Chief Executive Officer of Royal Dutch Shell, signed at the St. Petersburg International Economic Forum 2017 the Heads of Agreement to set up a joint venture.

The upward trend continues: from January through May 2017 Russian gas deliveries to France added 8.8 per cent compared to the same period of 2016.

Following last year’s increase of 38 per cent, Gazprom continued to boost its gas exports to the Austrian market. Specifically, from January through May 2017 Russian gas deliveries to Austria added 79.5 per cent compared to the same period of 2016.

over the past five months, Gazprom’s gas supplies to the country added 37.3 per cent compared to the January–May period of 2016.

In 2016 Gazprom’s gas deliveries to Serbia had added 4.3 per cent compared to 2015. On top of that, the first half of 2017 saw a considerable increase in the demand for Russian gas: from January through May 2017 Gazprom’s gas supplies to Serbia climbed 42.2 per cent compared to the same period of 2016.