Shell, Eni, Total and Statoil have announced green energy investments with a combined value of around $2.5 billion in recent weeks in a bid to diversify away from their core oil and gas markets.

China is Russia’s biggest single trade partner, with its share rising to 12.8 percent from 12 percent in 2015. Even so, the overall turnover of goods fell by 26 percent last year to $68.1 billion. That means the countries are far off reaching their target of $100 billion in trade.

Socar President Rovnag Abdullaev disclosed last week that Azerbaijan was in the process of negotiating an agreement under which it would purchase 3-5bn m³/yr of gas from Gazprom.

Perhaps the biggest hurdle is Russia’s business climate. While frequently fodder for criticism, there’s progress. Russia has surged by 61 spots in the World Bank’s Ease of Doing Business Index since 2013 to 51st this year.

The agreement provides for the expansion of cooperation between the parties in Russia, Vietnam and third countries in the area of hydrocarbon exploration and production (including offshore), processing, commerce and logistics, as well as staff training. The parties agreed to consider potential options for joint projects and define the basic terms of cooperation as well as establish a working group for each of the areas of cooperation.

The parties plan to examine further opportunities for mutually beneficial cooperation in the field of hydrocarbon prospecting, exploration and development. Among the opportunities being considered are joint activities within new projects at licensed blocks on the shelf of Vietnam and in third countries.

The head of Russian oil major Lukoil said on Wednesday that he sees oil prices rising above $50 per barrel by the end of the year, RIA news agency reported, citing his TV interview.

Goldman Sachs said the market had ended almost two years of oversupply and flipped to a deficit.

China consumed about 10.62 million barrels per day (bpd) of oil in April, a record daily consumption volume, according to Reuters calculations based on preliminary government data published on Friday.

Several Russian officials say the government is considering raising income-tax levels and increasing value-added tax but that any changes would only take place after 2018—a presidential election year.

The Paris-based agency said global oil stocks will experience a “dramatic reduction” in the second half of the year, but also warned that they will continue to increase in the first half of the year as Iran ramps up its production, adding to the nearly two years of oversupply.

The July crude oil contract on the New York Mercantile Exchange gained $1.66 to $47.01/bbl.The Brent crude contract for July on London’s ICE jumped $2.08 to $47.60/bbl. The August contract climbed $2.02 to $48.03/bbl.

Russian oil and gas condensate production may reach 544.6 million tonnes this year, rising to 565 million tonnes in 2017.

Saudi Arabia is going through one of the most difficult periods in its modern history. Oil prices have dropped from a July 2014 high of $115 per barrel to less than $30 per barrel in January this year. The country is surrounded by failed states: Iraq, Libya, Yemen, Syria and, arguably, Lebanon. It has a demographic bulge of ambitious, but exceedingly frustrated, young men and women whose expectations differ dramatically from those of their parents. And it faces an emboldened Iran eager to interfere in the affairs of Arab countries, and with the financial wherewithal to do so, via proxy armed militia.

France’s energy and environment minister Segolene Royal wants to find a “legal way” to prevent the import of non-conventional US LNG.