Putin said Ukraine was overpaying for gas which it could get much cheaper if it signed a transit deal with Russia.

The meeting participants stressed the success of the operating Nord Stream gas pipeline and the great importance of the under-construction Nord Stream 2 gas pipeline for the energy security of Europe and Germany in particular.

The International Energy Agency is monitoring developments in global oil markets, and notes that markets are now adequately supplied, and that global spare production capacity remains at comfortable levels.

OPEC is due to meet in June, where the Iran question will no doubt be raised. But oil and gas leaders are taking a cautious approach, with Kuwait's oil minister Khaled Al Fadhel noting that a decision would be taken only after a review of oil prices.

the risk of oil prices heading well above $70/b to the oil market and the global economy, while also saying that if prices were too low it would hit investment in the industry and key oil producing countries.

Gazprom is looking to bypass Ukraine completely with the construction of the 55 Bcm/year Nord Stream 2 pipeline and the 31.5 Bcm/year TurkStream link, though some delays mean some kind of deal with Kiev will be necessary.

"Cooperation will continue between Russia and Saudi Arabia," Ibrahim al-Muhanna said at the International Oil Summit in Paris, stressing that "it is the core of OPEC+ cooperation."

Russian oil production was around 11.24 million barrels per day (bpd) between April 1 and April 18,

Since January, Maduro’s administration has been in talks with allies in Moscow about ways to circumvent a ban on clients paying PDVSA in dollars, the sources said. Russia has publicly said the U.S. sanctions are illegal and it would work with Venezuela to weather them.

Russian energy major Gazprom Neft expects the Arctic to account for more than half its oil and gas production by 2020,