With its oil revenues slashed by low crude prices, the government of the world’s largest oil exporter has cut spending sharply this year and reduced or suspended payments owed to construction firms, medical establishments and even some of the foreign consultants who helped to design its economic reforms.

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.

Russia's oil and gas companies will continue to benefit from the weak rouble while avoiding a major tax hike in 2017, according to a new special report by Fitch Ratings.

Japan sees the current low oil price environment creating "a significant chance for acquiring [upstream] stakes and assets," as well as the need to facilitate upstream investments amid slowing investments globally, Yuki Sadamitsu, director of the oil and gas division at the Ministry of Economy, Trade and Industry said in an interview with S&P Global Platts last month.

LUKOIL has raised USD 500 million in a 5-year unsecured loan at 3 month LIBOR+3.0% to finance the development of the Gissar group’s gas condensate fields in Uzbekistan. Soyuzneftegaz Vostok Limited, a wholly-owned indirect subsidiary of PJSC “LUKOIL”, is the borrower under the loan.

The deal between Essar and a consortium led by Kremlin oil giant Rosneft (ROSN.MM) appeared dead in the water two months ago after Saudi state energy firm Aramco weighed in, according to seven Russia, India and Saudi-based industry sources familiar with or involved in the negotiations.

«Мы видим существенный потенциал для наращивания двухстороннего взаимодействия в области добычи и переработки нефти и газа, а также в сфере производства и экспорта СПГ», – отметил Алексей Текслер.

“This is going to be the most transparent national oil company listing of all time,” Khalid al-Falih, Saudi Arabia’s energy minister, told.

Exxon Mobil Corp. is negotiating with Chad’s government about a record $74 billion fine the oil company was told to pay last month by a court in the central African nation because of a dispute over royalties.

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

Nigeria aims to increase its crude oil output to 2.8 million b/d by 2019 and to 3 million b/d by 2020 from the current average of 2 million b/d, according to a short term policy document produced by the country's oil ministry.

Iranian President Hassan Rouhani has voiced Tehran's readiness for boosting energy cooperation with Moscow, underlining the presence of Russian companies in various energy sectors in Iran.

After more than a decade, China has decided to restore tax rebates on exports of gasoline, gasoil and jet fuel, a sign that Beijing is more than comfortable with the domestic supply situation for oil products.

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.

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.