Global oil demand won’t stop growing before 2040 despite pledges made at the Paris climate change summit last year to cap greenhouse-gas emissions.

Russia’s decision earlier this year to engage in talks with OPEC about limiting oil output has added more than 400 billion rubles ($6 billion) to the nation’s budget, according to two officials familiar with government calculations.

Brent crude oil LCOc1 was up 60 cents a barrel at $47.23 by 1120 GMT (6:20 a.m. ET). U.S. light crude CLc1 was up 50 cents at $46.07.

Global benchmark Brent crude LCOc1 was down 39 cents at $46.56 a barrel at 0917 GMT. It closed Tuesday 5.7 percent higher on news that members of the Organization of the Petroleum Exporting Countries would renew efforts to limit production. U.S. crude CLc1 was 47 cents lower at $45.34 a barrel.

Light, sweet crude for December delivery settled down 9 cents, or 0.2%, at $43.32 a barrel on the New York Mercantile Exchange, the lowest settlement since Sept. 19. U.S. oil fell as low as $42.20 a barrel, the lowest intraday price since mid-August, before a rebound throughout the afternoon. Brent, the global benchmark, fell 32 cents, or 0.7%, to $44.43 a barrel, its lowest settlement since Aug. 10.

U.S. oil production down 20 tbd, gas production down 94 mcfd.

Brent crude futures LCOc1 were down 2 cents on the day at $44.73 a barrel by 1005 GMT (5:05 a.m. ET), while NYMEX crude futures CLc1 were down 6 cents at $43.35 a barrel.

ConocoPhillips plans conservative financial and operating programs in 2017, planning for a longer-than-expected $50/b oil world by reducing its capital budget 4%, growing production up to 2% and forging technologies to squeeze out the last smidgen of resource from existing assets.

U.S. Rig Count is down 199 rigs from last year's count of 767, with oil rigs down 122, gas rigs down 78, and miscellaneous rigs up 1. Canadian Rig Count is unchanged from last year's count of 176, with oil rigs up 21 and gas rigs down 21.

PETROBRAS - Net loss of R$ 16,458 million, compared to net income of R$ 370 million in the 2Q-2016,

International Brent crude oil futures LCOc1 were trading at $45.77 per barrel at 0743 GMT (2:43 a.m. ET), down 7 cents from their last close. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading down 10 cents at $44.56 per barrel, weighed down by weakening U.S. demand.

Supply growth from nations outside the OPEC will be “just shy” of 500,000 barrels a day, an increase of 110,000 barrels a day from the agency’s forecast last month, it said Thursday. Russian production is likely to grow by 190,000 barrels a day, building on a 230,000-barrel increase in 2016.

In 3Q 2016, the Company net profit was at RUB 26 bln. The decline was primarily driven by lower operating profit.

At 3:30 pm Singapore time (0739 GMT), January ICE Brent crude futures were down 64 cents/b (1.39%) from Tuesday's settle at $45.40/b, while the NYMEX December light sweet crude contract fell 59 cents/b (1.31%) to $44.39/b.

EIA expects Brent crude oil prices will average close to $48/ barrel (b) in the fourth quarter of 2016 and in the first quarter of 2017. Forecast Brent prices average $43/b in 2016 and $51/b in 2017. West Texas Intermediate (WTI) crude oil prices are forecast to average about $1/b less than Brent prices in 2017. The values of futures and options contracts indicate significant uncertainty in the price outlook, with NYMEX contract values for February 2017 delivery traded during the five-day period ending November 3 suggesting that a range from $35/b to $66/b encompasses the market expectation of WTI prices in February 2017 at the 95% confidence level.