“Today, more than ever, international cooperation is important,” Novak said in a speech at an energy forum in the Russian city of St Petersburg.

Iran and Russia already have a deal whereby Iran sells 100,000 b/d of crude oil to Russia and receives 50% of the value in cash and 50% in equipment.

U.S. crude oil production reached a new all-time high of 12.2 million barrels per day (mb/d) in May 2019

Let’s see which companies are still undervalued and which ones are out of my radar. Some of them reached their fair value and some other stopped to satisfy my parameters.

Brent crude was down 20 cents, or 0.31%, at $64.25 a barrel by 0630 GMT. U.S. West Texas Intermediate crude was down 16 cents, or 0.28%, at $56.90 a barrel.

The Strait of Hormuz, located between Oman and Iran, connects the Persian Gulf with the Gulf of Oman and the Arabian Sea. The Strait of Hormuz is the world's most important oil chokepoint because of the large volumes of oil that flow through the strait. In 2018, its daily oil flow averaged 21 million barrels per day (b/d), or the equivalent of about 21% of global petroleum liquids consumption.

Indonesia's LNG exports plunged nearly 50% month on month in April to to 633,863 mt, while crude oil exports jumped 35% over the same period, detailed figures from Statistics Indonesia showed this week.

Brent crude was up $2.06 at $63.88 a barrel , U.S. West Texas Intermediate crude rose $2.33 to $56.09.

Saudi Arabia’s crude oil production approached a four-year low, averaging an estimated 9.9 million barrels per day (b/d). Production declined more than 1 million b/d since its estimated all-time high production levels in October and November 2018

Preliminary production figures for May 2019 show an average daily production of 1 599 000 barrels of oil, NGL and condensate, which is a decrease of 120 000 barrels per day compared to April.

Brent crude futures were up 20 cents, or 0.3%, at $62.34 a barrel by 0644 GMT. U.S. West Texas Intermediate crude gained 20 cents, or 0.4%, to $54.10 a barrel.

“Мы считаем, что есть дополнительные импульсы для развития отношений России и Ирана. В то же время энергетические проекты остаются одними из основных с точки зрения привлечения инвестиций. Несмотря на санкции относительно Ирана, наши компании продолжают работу, мы видим большой интерес к иранским проектам”. - подчеркнул Министр.

“Развитие всесторонних связей между Россией и Ираном имеет важное значение для укрепления мира и стабильности в регионе Ближнего и Среднего Востока и отвечает национальным интересам обеих стран”, - отметил Александр Новак в ходе пленарного заседания.

Brent crude futures were trading 18 cents down at $60.76 a barrel by 1203 GMT. U.S. West Texas Intermediate crude futures lost 3 cents to $51.90.

Министры обсудили широкий круг вопросов двустороннего взаимодействия в рамках МПК, реализацию приоритетных инвестпроектов, в том числе в отраслях ТЭК. Кроме того, в рамках переговоров было затронуто сотрудничество России и Ирана в рамках соглашения ОПЕК+, по линии ФСЭГ и ситуация на мировых рынках нефти в целом.