China's crude oil imports jumped 10.8% year on year to hit 10.08 million b/d in September, crossing over 10 million b/d mark again since April,

India is investing $60 billion to build a national gas grid and import terminals by 2024

The National Iranian Oil Company (NIOC) announced the discovery of a new gas field south of Fars Province, southern Iran.

Acquisition of ConocoPhillips’ northern Australia business with operating interests in Darwin LNG, Bayu-Undan, Barossa and Poseidon for US$1.39 billion plus a $75 million contingent payment subject to FID on Barossa

U.S. Rig Count is up 1 rig from last week to 856, Canada Rig Count is up 2 rigs from last week to 146

Brent rose as much as 2.3% to $60.46 a barrel and were at $60.13 per barrel, WTI rose as much as 2.1% to $54.69 a barrel and were at $54.47 per barrel, up 92 cents.

The proposed legislation would also impose sanctions on any military transactions with Turkey, set sanctions on anyone who supports Turkey’s domestic energy industry for use by its armed forces, prohibit the sale of U.S. defense articles to the Turkey armed forces and define Turkey’s purchase of Russia’s S-400 missile defense system as “significant” and subject to sanctions.

During the visit, 15 agreements in the fields of nuclear power, oil and environment will be signed to develop co-operation and a comprehensive strategic partnership, as well as opening new horizons for joint action in various sectors.

"As we convene today, short term energy demand has continued to soften in response to current downside risks in the global economy. However, over the medium and long-term, the outlook remains positive, solid, and robust. By 2040, three times the amount of energy consumed by all of Europe will be added to global energy demand. In the face of current economic headwinds, we need to control costs, while staying focused on capital efficiency and targeted long-term investment," Dr. Al Jaber noted.

With an oil production capacity of about 12mn b/d and posting a profit of $46.9bn in the first half of 2019, Aramco is betting institutional investors will rush to buy the 5% stake set to be sold by the Saudi government.