Russia promised to support a push by the Organization of Petroleum Exporting Countries to reduce a global oil oversupply after the group agreed to cut production by 1.2 million barrels a day on Wednesday. Energy Minister Alexander Novak pledged Russia would cut its own output by as much as 300,000 barrels a day, a stronger move than the previously preferred position of a freeze.

India is expected to see investment to the tune of $20bn in next five to seven years in development of gas fields, country’s oil minister Dharmendra Pradhan said at an event in New Delhi.

Accordingly, and in line with the ‘Algiers Accord’, the Conference decided to implement a new OPEC-14 production target of 32.5mb/d, in order to accelerate the ongoing drawdown of the stock overhang and bring the oil market rebalancing forward. The Agreement will be effective from January 1, 2017.

U.S. crude oil CLc1 added to overnight gains of 9 percent to reach $50.00 a barrel for the first time since October. Brent crude LCOc1, which soared $4 overnight, touched a six-week peak of $52.73 a barrel.

Россия поэтапно снизит добычу нефти в первом полугодии 2017 года в объеме до 300 тыс. баррелей в сутки в сжатые сроки, исходя из своих технических возможностей.

OPEC will reduce output by about 1.2 million barrels a day by January, the group said, fulfilling a plan sketched out in Algiers in September to cut its production to 32.5 million barrels. The agreement exempted Nigeria and Libya, but gave Iraq its first quotas since the 1990s. West Texas Intermediate crude futures rose 0.3 percent to $49.61 a barrel at 11:44 a.m. Singapore time after gaining 9.3 percent Wednesday, the biggest one-day gain since Feb. 12.

OPEC had proposed Indonesia cut oil production by about 37,000 barrels per day (bpd), or about 5 percent of its output, which would dent the already slipping oil rent in Southeast Asia's largest economy. Indonesia's Energy and Mineral Resources Minister Ignasius Jonan, who attended the Vienna meeting, said the only reduction Indonesia could accept was a cut of 5,000 bpd, which had been approved in the country's 2017 budget.

Brent crude, the international oil marker, rose more than $3.00, or 7.2 per cent, to $49.73 in the late morning in London.

The expected fiscal consolidation and the subdued nature of the recovery are putting in place the conditions for the central bank to resume, in due course, monetary policy easing in a manner consistent with the 4 percent inflation target. However, the pace of easing should take into account the presence of external risks and the need to build credibility under the newly introduced inflation targeting regime.

Gazprom has started to vary its marketing strategy by using a variety of methodologies, including selling gas via the traditional long term contracts, via auctions, via Gazprom Marketing & Trading and via Wingas (its 100% owned European utility). As a result it has gained flexibility (that was formerly in the hands of the European utilities) and can adapt much faster to market changes.

EBITDA decreased by 12.5% quarter-on-quarter mainly because of negative crude oil export duty time lag effect, which was partially offset by higher refining margins in Russia. Profit attributable to shareholders was 54.8 bln RUB, down 12.4% from the second quarter of 2016.

«Прямые котировки нефти марки Urals – это то, что необходимо российской нефтяной отрасли, чтобы занять достойное место в мировой системе ценообразования на энергоносители. Важно, что ценообразование на экспортируемую российскими компаниями нефть будет осуществляться в Российской Федерации и сорту Urals будет придан тот заслуженный вес, который он де-факто занимает в международной торговле нефтью.».

Brent crude futures LCOc1 fell as far as 2 percent before clawing back to trade up 29 cents at $47.44 per barrel at 1008 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 also recouped early losses and were trading up 15 cents at $46.21 per barrel.

“We expect demand to recover in 2017, then prices will stabilize, and this will happen without an intervention from OPEC,” Al-Falih said in Dhahran, eastern Saudi Arabia, on Sunday, according to the Saudi newspaper Asharq al-Awsat. “We don’t have a single path which is to cut production at the OPEC meeting, we can also depend on recovery in consumption, especially from the U.S.”

Министр энергетики Российской Федерации Александр Новак провел встречу с вице-президентом Еврокомиссии Марошем Шефчовичем. Стороны обсудили весь спектр вопросов двустороннего сотрудничества в энергетике. Ключевой темой переговоров стало обеспечение надёжного транзита российского газа европейским потребителям при прохождении осенне-зимнего периода 2016-2017 годов.