Saudi Arabia produced 9.65 million barrels per day (bpd) of oil in May, a Saudi industry source said, a deeper cut than its target set by the Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+.

The production fall resulted mainly from the closure due to oil contamination of Russia’s Druzhba pipeline, which usually ships 1 million bpd, or 1 percent of global oil demand.

Argentina and Russia have set up a working group tasked with specifying the project on the construction of a nuclear power plant (NPP) in the Latin American country,

Russia’s recent oil output is below the 11.18 billion bpd target Moscow has pledged as part of an international deal among producers to curb production to support prices.

Russia’s state-owned gas giant Gazprom increased its first-quarter net profit by 44 per cent over the previous year as higher gas prices offset lower gas export volumes.

With the ceremonial launch of the nuclear-powered arctic ice breaker ‘Ural’ today, Russia’s nuclear energy giant, ROSATOM, has completed another step towards ensuring all-year round navigability of the Northern Sea Route (NSR).

"They still do not have permission from Russia to cross the border [after June 1] so the Kazakh company has decided to wait," a source at a major Ukrainian trading company said Tuesday. "No one knows exactly what's going to happen in June."

Although compliance to the cuts had a slow start, OPEC's JMMC noted in a press release following their meeting in Jeddah, Saudi Arabia, that compliance had hit a record high of 168% in April 2019. Average conformity reached 120% since January 2019.

Russia’s GDP unexpectedly grew just 0.5% in the first quarter, below all 14 estimates in a Bloomberg survey. That compares with a 2.7% increase in the last three months of 2018, which was the highest in more than six years as crude output reached a record 11.45mn barrels a day in December, according to ministry data as Opec+ curbs eased.

Russia removes contaminated oil from an export pipeline Druzhba