Pakistan is facing a challenging economic environment, with lackluster growth, elevated inflation, high indebtedness, and a weak external position. This reflects the legacy of uneven and procyclical economic policies in recent years aiming to boost growth, but at the expense of rising vulnerabilities and lingering structural and institutional weaknesses.

Brent crude futures were at $71.06 a barrel at 0646 GMT, down 18 cents, or 0.3%, from their last close. Brent ended 1.4% higher on Tuesday. U.S. West Texas Intermediate (WTI) crude futures were at $61.33 per barrel, down 45 cents, or 0.7%, from their previous settlement. WTI closed up 1.2% in the previous session.

IEA - Our headline growth estimate for 2019 has changed little since the middle of last year, but this month we cut it by 90 kb/d to a still healthy 1.3 mb/d.

Russia's President Vladimir Putin approved a new energy security doctrine Monday, which includes strengthening cooperation with foreign partners, defending Russian energy companies' legal rights abroad and access to international markets, and further developing Russia's import replacement program.

Global energy investment totalled more than USD 1.8 trillion in 2018, a level similar to 2017. For the third year in a row, the power sector attracted more investment than the oil and gas industry.

The United States produced a record amount of energy from various sources in 2018, reaching 96 quadrillion British thermal units (quads), an 8% increase from 2017. This increase in production outpaced the 4% increase in U.S. energy consumption, which also reached a record high of 101 quads.

China's refinery crude throughput rose 5.1% year on year to 52.1 million mt, or 12.73 million b/d in April, a record high on barrel per day basis, preliminary data released Wednesday by the National Bureau of Statistics showed.

МИНФИН РОССИИ - Средняя цена нефти марки Urals по итогам января – апреля 2019 года составила $ 65,18 за баррель. В 2018 году средняя цена на Urals в январе – апреле составила $ 66,15 за баррель. Средняя цена на нефть марки Urals в апреле 2019 года сложилась в размере $ 71,54 за баррель, в апреле 2018 года - $ 69,08 за баррель.

U.S. EIA - Crude oil production from the major US onshore regions is forecast to increase 83,000 b/d month-over-month in June from 8,412 to 8,495 thousand barrels/day, gas production to increase 943 million cubic feet/day from 79,720 to 80,663 million cubic feet/day .

China will increase tariffs on US LNG imports to 25% from 10% effective from June 1, the State Council under the Finance Ministry said in a statement late Monday, but it left out US crude imports from its current tariff lists.

The sanctions have already more than halved Iranian oil exports to 1 million bpd or less, from a peak of 2.8 million bpd last year. Exports could drop to as low as 500,000 bpd from May, an Iranian official told Reuters this month.

МИНФИН РОССИИ - Ожидаемый объем дополнительных нефтегазовых доходов федерального бюджета, связанный с превышением фактически сложившейся цены на нефть над базовым уровнем, прогнозируется в мае 2019 года в размере +314,4 млрд руб.

МИНФИН РОССИИ - По состоянию на 1 мая 2019 г. объем ФНБ составил 3 814 443,2 млн. рублей, что эквивалентно 58 963,4 млн. долл. США,

ROSNEFT - Net income growth of 61.7% YoY to RUB 131 bln

Hydrocarbon production in Q1 2019 amounted to 5.90 mmboed (71.7 mmtoe), exceeding Q1 2018 level by 3.4%. Average daily hydrocarbon production decreased by 0.6% QoQ due to the Company’s compliance with its obligations under the OPEC+ Agreement.