Brent crude futures were trading at $48.35 per barrel at 0737 GMT (3:37 a.m. ET), flat from their last close, but over 15 percent higher than the $41.51 low for the month on Aug. 2. U.S. West Texas Intermediate crude was trading at $45.76 a barrel, up 2 cents from its previous close, and still over 16 percent above its $39.19 monthly low from Aug. 3.

U.S. oil production down 85 tbd, gas production down 373 mcfd.

"With regard to the cooperation with Saudi Arabia, the dialogue between our two countries is developing in a tangible way, whether in the framework of a multi-party structure or on a bilateral level," Novak was quoted as saying.

Brent crude oil futures rose to a high for the month of $47.67 a barrel on Monday before dipping back to $47.10 per barrel at 0943 GMT, up 13 cents from their last settlement, and 11.3 percent above the last close in July. U.S. West Texas Intermediate (WTI) crude futures rose to a high of $45.15 a barrel before dipping to $44.63 a barrel, still up 14 cents from their last close. WTI has gained more than 7 percent in August.

Средняя цена на нефть Urals за период мониторинга с 15 июля по 14 августа 2016 года составила $41,57667 за баррель, или $303,5 за тонну. Согласно расчетам Минфина России экспортная пошлина на нефть в РФ с 1 сентября 2016 года понизится на $10,1 и составит $80 за тонну.

U.S. Rig Count is up 17 rigs from last week to 481, with oil rigs up 15 to 396, gas rigs up 2 to 83, and miscellaneous unchanged at 2. Canadian Rig Count is up 4 rigs from last week to 126, with oil rigs up 5 to 65, gas rigs unchanged at 60, and miscellaneous rigs down 1 to 1.

International Brent crude oil futures were trading at $46.20 per barrel at 8.47 p.m. ET, up 16 cents, or 0.35 percent, from their last close and not far off their $46.30 monthly high reached in the previous session. U.S. West Texas Intermediate (WTI) crude futures were at $43.71 a barrel, up 22 cents, or 0.51 percent, from their last close.

Saudi Arabia didn’t agree to limits on its production back in April because Iran, its regional rival, refused to join in. Several OPEC members want to revive the idea because Iran has regained much of the energy-industry might it lost during the years of Western sanctions.

As a result of the investment, Iraq's crude output should increase by 250,000-350,000 barrels per day next year, the Iraqi officials said. The country now produces about 4.6 million bpd, most of it from the southern region.

The group exploited 10.32 million tons of crude oil and 6.56 billion cubic metres of gas in the first seven months.