Chevron Corp on Tuesday said it will slash its budget by at least 17% for the next two years to save cash due to the low crude oil prices.

Shell, Eni, Total and Statoil have announced green energy investments with a combined value of around $2.5 billion in recent weeks in a bid to diversify away from their core oil and gas markets.

China is Russia’s biggest single trade partner, with its share rising to 12.8 percent from 12 percent in 2015. Even so, the overall turnover of goods fell by 26 percent last year to $68.1 billion. That means the countries are far off reaching their target of $100 billion in trade.

Perhaps the biggest hurdle is Russia’s business climate. While frequently fodder for criticism, there’s progress. Russia has surged by 61 spots in the World Bank’s Ease of Doing Business Index since 2013 to 51st this year.

The head of Russian oil major Lukoil said on Wednesday that he sees oil prices rising above $50 per barrel by the end of the year, RIA news agency reported, citing his TV interview.

Global oil demand growth for 1Q16 was revised upwards to 1.4 mb/d, led higher by strong gains in India, China and, more surprisingly, Russia. For the year as a whole, growth will be around 1.2 mb/d, with demand reaching 95.9 mb/d.

Goldman Sachs said the market had ended almost two years of oversupply and flipped to a deficit.

China consumed about 10.62 million barrels per day (bpd) of oil in April, a record daily consumption volume, according to Reuters calculations based on preliminary government data published on Friday.

World oil demand in 2015 grew by around 1.54 mb/d, unchanged from last month’s report. Total oil consumption averaged 92.98 mb/d. In 2016, world oil demand is projected to rise by 1.20 mb/d to reach 94.18 mb/d, unchanged from last month’s projections, despite upward revisions to Other Asia, which were counterbalanced by downward revisions to Latin America and China.

Russia’s economy is closer to growth than at any time since it slid into recession and central bank Governor Elvira Nabiullina is focusing on what she says are “positive signals.”