Saudi Arabia on Wednesday announced it has joined the International Maritime Security Construct to secure the Mideast's waterways.

The alliance protects the interests of its members and their merchant ships when passing through maritime corridors. Its operation area covers the Strait of Hormuz, Bab Al Mandab, the Sea of Oman and the Arabian Gulf.

Iranian Minister of Petroleum Bijan Zangeneh stressed the non-political nature of oil, saying the US was using oil as a weapon which was not the right approach.

The share of U.S. total energy consumption that originated from fossil fuels has fallen from its peak of 94% in 1966 to 80% in 2018. The total amount of fossil fuels consumed in the United States has also fallen from its peak of 86 quads in 2007. Since then, coal consumption decreased by 10 quads and petroleum by 2 quads, more than offsetting a 7 quad increase in natural gas consumption.

Brent were down 75 cents, or 1.16%, at $63.80 a barrel, WTI were down $1.15, or 1.94%, at $58.19.

“Благодаря выстроенному конструктивному диалогу мы достигли существенного расширения взаимовыгодного российско-иранского взаимодействия в различных областях торгово-экономического сотрудничества, включая энергетику. Считаем, что реализация решений по итогам июньского заседания межправкомиссии в Исфахане будет важным шагом к укреплению двустороннего сотрудничества между нашими странами”, - добавил глава Минэнерго России.

During the news conference, it was disclosed that production at Khurais resumed 24 hours after the attack. Meanwhile, Mr. Nasser stated that production at Abqaiq is currently 2 million barrels per day and its entire output is expected to be restored to prior rates by the end of September.

The US made another request to import-dependent Japan to join the coalition, and leaders are expected to discuss it at the UN General Assembly in New York next week.

Brent was down 36 cents, or 0.5%, at $68.66 a barrel, and WTI was down 57 cents, or 0.9%, at $62.33 a barrel. Earlier, the crude benchmarks both fell by around 2%.

"Nobody has changed the parameters of the [OPEC+} deal. So, I think that we all agreed in Abu Dhabi, that everyone should fulfill their obligations," Novak said, when asked if Russia needs to continue to comply.

Conformity with the voluntary production adjustments remains high, 136% in the month of August. However, the JMMC reemphasized the core principles underpinning the DoC, namely, equity, fairness and transparency, and urged all participating countries to intensify their efforts in pursuit of full and timely conformity with their voluntary production adjustments.

World oil demand in 2019 is expected to grow by 1.02 mb/d, which is 0.08 mb/d lower than last month’s projection. The drop can be attributed to weaker-than-expected data in 1H19 from various global demand centres and slower economic growth projections for the remainder of the year. Both OECD and non-OECD demand growth forecasts were revised lower, by 0.03 mb/d and 0.05 mb/d, respectively. In 2020, world oil demand is projected to increase by 1.08 mb/d.

U.S. EIA - Crude oil production from the major US onshore regions is forecast to increase 74,000 b/d month-over-month in September from 8,769 to 8,843 thousand barrels/day, gas production to increase 469 million cubic feet/day from 81,893 to 82,362 million cubic feet/day .

Brent crude futures, the international benchmark, rose as much as 19.5% to $71.95 per barrel, WTI futures climbed as much as 15.5% to $63.34

Для исполнения подобных планов потребуются немалые инвестиции в выработку электроэнергии, которые, как отметил Александр Новак, уже на сегодня фактически превысили суммарные инвестиции в добычу углеводородов.