REUTERS - “We are working to shift from a year-to-year agreement to a 10 to 20 year agreement,” the crown prince told Reuters in an interview in New York late on Monday. “We have agreement on the big picture, but not yet on the detail.”

REUTERS - OPEC, Russia and several other non-OPEC producers have curbed output since January 2017 to erase a global glut of crude that had built up since 2014. They have extended the pact until the end of 2018, and meet on June 22 to review policy.

BEA - Real gross domestic product (GDP) increased at an annual rate of 2.9 percent in the fourth quarter of 2017. In the third quarter, real GDP increased 3.2 percent.

BAKER HUGHES A GE - U.S. Rig Count is down 2 rigs from last week to 993, with oil rigs down 7 to 797, gas rigs up 4 to 194 and miscellaneous rigs up 1 to 2. Canada Rig Count is down 27 rigs from last week to 134, with oil rigs down 22 to 71 and gas rigs down 5 to 63.

REUTERS - U.S. WTI crude futures CLc1 were at $64.72 a barrel by 0700 GMT, down 53 cents, or 0.8 percent, from their previous settlement. Brent crude futures LCOc1 were at $69.69 per barrel, down 42 cents, or 0.6 percent.

IEA - Global energy demand rose by 2.1% in 2017, more than twice the previous year’s rate, boosted by strong global economic growth, with oil, gas and coal meeting most of the increase in demand for energy, and renewables seeing impressive gains.

EIA - U.S. exports of liquefied natural gas (LNG) reached 1.94 billion cubic feet per day (Bcf/d) in 2017, up from 0.5 Bcf/d in 2016. As LNG exports increased, shipments went to more destinations. U.S. LNG exports in 2017, all of which originated from Louisiana’s Sabine Pass liquefaction terminal, reached 25 countries.

PLATTS - China's crude oil imports from Saudi Arabia in February rose 19.5% month on month to 1.21 million b/d, or 4.64 million mt, making it the second-largest supplier, data released by the General Administration of Customs on Tuesday showed.

CBRF - On 23 March 2018, the Bank of Russia Board of Directors decided to cut the key rate by 25 bp to 7.25% per annum. Annual inflation remains sustainably low. Inflation expectations are diminishing progressively. The Bank of Russia forecasts annual inflation to be 3-4% in late 2018 and remain close to 4% in 2019. In this environment the Bank of Russia will continue to reduce the key rate and will complete the transition to neutral monetary policy in 2018.

REUTERS - U.S. West Texas Intermediate (WTI) crude futures were at $65.51 a barrel at 0255 GMT, down 37 cents, or 0.6 percent, from their previous close. Brent crude futures were at $70.24 per barrel, down 21 cents, or 0.3 percent.

BAKER HUGHES A GE - U.S. Rig Count is up 5 rigs from last week to 995, with oil rigs up 4 to 804, gas rigs up 1 to 190, and miscellaneous rigs unchanged at 1. Canada Rig Count is down 58 rigs from last week to 161, with oil rigs down 51 to 93, gas rigs down 7 to 68, and miscellaneous rigs unchanged at 0.

REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $64.99 a barrel at 0405 GMT, up 69 cents, or 1.1 percent, from their previous close. Brent crude futures LCOc1 were at $69.54 per barrel, up 63 cents, or 0.9 percent. For the week, Brent was set for a gain of about 5 percent, its strongest showing since July last year, while WTI was up about 4.3 percent.

SHELL - Shell reiterated its expectation of $6-7 billion annual organic free cash flow from Downstream by 2020, at $60 per barrel (real terms 2016) and mid-cycle Downstream conditions, with $9-12 billion expected by 2025. The company plans to invest $7-9 billion a year across Downstream, and to deliver a return on average capital employed (ROACE) above 15%.

BEA - The U.S. current-account deficit increased to $128.2 billion (preliminary) in the fourth quarter of 2017 from $101.5 billion (revised) in the third quarter, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.6 percent of current- dollar gross domestic product (GDP) in the fourth quarter, up from 2.1 percent in the third quarter.

FRB - In view of realized and expected labor market conditions and inflation, the Committee decided to raise the target range for the federal funds rate to 1-1/2 to 1-3/4 percent. The stance of monetary policy remains accommodative, thereby supporting strong labor market conditions and a sustained return to 2 percent inflation.