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.

Флагманским проектом российско-германского сотрудничества является “Северный поток-2”, его реализация продолжается несмотря на противодействие отдельных стран и возможные риски,

Флагманским проектом российско-турецкого сотрудничества, по словам главы Минэнерго России, является строящийся газопровод “Турецкий поток”.

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.

Энергетическое сотрудничество России с Южной Кореей также демонстрирует поступательное развитие, особенно в нефтегазовой, угольной сферах и в электроэнергетике, отметил Александр Новак по итогам встречи. Во многом углублению сотрудничества способствует работа Совместного Российско-Корейского комитета по сотрудничеству в области энергетики и природных ресурсов, добавил он.

Россия и Египет тесно взаимодействуют в сфере энергетики, как в двустороннем, так и многостороннем форматах, в том числе по линии Форума стран-экспортеров газа (ФСЭГ), отметил по итогам переговоров глава Минэнерго России Александр Новак.

"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.

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.

Brent crude was down 11 cents at $66.38 by 1321 GMT. U.S. West Texas Intermediate crude fell 26 cents to $59.12.

“Imposing tariffs on the remainder of U.S. imports from China will put undue strain on the supply chains of the natural gas and oil industry that enable the delivery of reliable and affordable energy to American families and businesses,” said Dr. Aaron Padilla, API’s Senior Advisor for International Policy.

China imported 1.08 million mt, or 255,065 b/d, of crude oil from Iran in May, down 66.7% from the five-year high of 3.24 million mt in April as the US' sanction waivers for Iranian oil expired on May 2.