OPEC will decide formally whether to extend the cuts when its ministers meet in Vienna on May 25. The producer group and other major suppliers including Russia agreed last year to cut their collective production by about 1.8 million barrels a day for the first half of 2017 in an effort to reduce bloated global stockpiles and re-balance the market.

Construction of the TurkStream gas pipeline was commenced in the Black Sea near the Russian coast.

Russian state oil firm Rosneft is struggling to close its $12.9 billion acquisition of India's Essar Oil Ltd because six of Essar's Indian creditors have yet to approve the deal, sources close to the talks said.

One of the highest priorities in Russia's gas export and marketing strategy is establishing its own southern corridor for gas exports to Europe, in competition with the EU-backed project.

The world’s largest energy consumer increased imports from Russia by about 9.3 percent to 4.69 million metric tons in March from February, according to data released Tuesday by the General Administration of Customs. That’s also up 0.9 percent from a year earlier. Saudi Arabia, the biggest crude exporter, retreated to the third-biggest seller last month from No. 1 a month earlier as shipments fell 4.6 percent to 4.55 million tons.

Profit attributable to the owners of PJSC Gazprom for the year ended December 31, 2016 totaled RUB 951,637 million which is RUB 164,581 million, or 21 %, more than for the same period of the prior year.

Profit attributable to NOVATEK shareholders decreased by 38.7% to RR 71.0 billion (RR 23.54 per share), as compared to RR 115.9 billion (RR 38.40 per share) in the first quarter 2016. The amount of profit was significantly impacted by the foreign exchange effect (including at the joint ventures level), and its dynamics – by the effect of the disposals of interests in joint ventures. Net of these effects, our adjusted profit attributable to NOVATEK shareholders increased by 20.2% to RR 44.3 billion compared with the first quarter 2016.

Nord Stream 2 AG signed financing agreements for the Nord Stream 2 pipeline project with ENGIE, OMV, Shell, Uniper and Wintershall.

Exxon Mobil is seeking permission from the U.S. government for approval to resume drilling around the Black Sea with a Russian partner, state-owned Rosneft, according to a person familiar with the matter.

"There is consensus building but it's not done yet," he told reporters on the sidelines of a conference in the United Arab Emirates. Asked about non-OPEC producer Russia, Falih replied: "We are talking to all countries. We have not reached an agreement for sure, but the consensus is building."