Fossil fuels—petroleum, natural gas, and coal—have accounted for at least 80% of energy consumption in the United States for well over a century.

Front-month Brent crude futures touched an intraday high of $66.75 a barrel and were up $1.80 at $66.54 a barrel by 0834 GMT. U.S. crude futures for August climbed $1.57 to $60.04 a barrel, after earlier hitting their highest in over five weeks at $60.28.

OPEC and its allies led by Russia have been reducing oil output since 2017 to prevent prices from sliding amid soaring production from the United States, which has become the world’s top producer this year ahead of Russia and Saudi Arabia.

Russian President Vladimir Putin struck a deal with Saudi Crown Prince Mohammed Bin Salman to extend the OPEC+ agreement at current production levels for the rest of this year and potentially into early 2020.

"Today our forecast for gas pipeline deliveries in 2019 to Europe and Turkey is between 198.6 and 201.1 Bcm," Miller said in a speech at the company's annual general meeting. Gazprom exported 201.9 Bcm to Europe in 2018, accounting for around 36.8% of the market.

in the presence of the President of Russian Federation Vladimir Putin, and the Prime Minister of Japan Shinzo Abe, PAO NOVATEK and the consortium of Mitsui & Co and Japan Oil, Gas and Metals National Corporation JOGMEC signed the Sales and Purchase Agreement to purchase a 10% participation interest in the Arctic LNG 2 project.

In April 2019, for the 24th consecutive month, dry natural gas production increased year to year for the month. The preliminary level for dry natural gas production in April 2019 was 2,708 billion cubic feet (Bcf), or 90.3 Bcf/d. This level was 9.8 Bcf/d (12.2%) higher than the April 2018 level of 80.4 Bcf/d.

The re-opening of trade negotiations between the US and China also opens the door for the easing of trade tensions and potential removal of tariffs on a range of commodities including LNG, LPG, soybeans, metals and petrochemicals.

Based on a study of 40 US shale oil companies, looking at cash flow from operating activities, only four companies reported a positive cash flow balance in the first quarter of 2019.

"As BRICS participants are leading global consumers and producers of energy, our association could be more actively involved in issues of ensuring global energy security and universal access to energy," Putin said, during a meeting of the leaders of the BRICS countries ahead of the G20 Summit in Osaka. The BRICS group comprises Brazil, Russia, India, China and South Africa.

Emirates Water and Electricity Company (EWEC), a leading company in the coordination of planning, purchasing and providing of water and electricity across the UAE, has announced that ‘Noor Abu Dhabi’, the world’s largest single solar project, with a capacity of 1,177MW, has started commercial operation.

U.S. Rig Count is unchanged from from last week at 967, with oil rigs up 4 to 793, gas rigs down 4 to 173, and miscellaneous rigs unchanged at 1. Canada Rig Count is up 5 rigs from last week to 124, with oil rigs up 4 to 84 and gas rigs up 1 to 40.

Brent crude futures were down 35 cents, or 0.5%, at $66.20 per barrel, WTI crude CLc1 futures were down 30 cents, or 0.5%, at $59.13 a barrel.

The countries signed an $8.3 billion economic cooperation pact that included a $6 billion deal between Saudi Aramco and the Korean company S-Oil to build an oil refinery and downstream petrochemical facilities in South Korea.

Mexican state oil company Pemex [PEMX.UL] signed an $8 billion syndicated loan with more than 20 banks to renew credit lines and refinance liabilities, President Andres Manuel Lopez Obrador said on Thursday.