The G7 and EU are finalizing details of a price cap that is intended to be implemented with the EU ban on seaborne Russian crude imports on Dec. 5 and Russian oil products on Feb. 5, 2023.

U.S. Rig Count is down 3 from last week to 768, Canada Rig Count is up 2 from last week to 212.

Brent dropped $1.02, or 1.1%, to $95.94 a barrel, WTI were down $1.24, or 1.4%, at $87.84 a barrel.

Concluding the plenary part, Maksim Malyarchuk, Executive Director of the Russian-Iraqi Business Council at the Chamber of Commerce and Industry of the Russian Federation, spoke about the activities of the Council and assistance to Russian and Iraqi companies in the new conditions.

U.S. commercial crude oil inventories increased by 2.6 million barrels to 439.9 million barrels.

Brent rose 56 cents, or 0.6%, to $96.25 a barrel, WTI gained 41 cents, or 0.5%, to $88.32.

Стороны рассмотрели вопросы подготовки к заседанию Межправительственной комиссии Россия – Иран, а также вопросы взаимодействия в нефтегазовой сфере, в том числе по поставкам нефти и нефтепродуктов.

Министры двух стран обсудили развитие энергодиалога по линии Российской-Алжирской межправительственной-комиссии, а также предстоящий саммит ФСЭГ, который пройдёт в 2023 году в Алжире.

Глава Минэнерго отметил, что Россия и Египет взаимодействуют по ряду проектов в нефтегазовой сфере, по добыче углеводородов на шельфе страны, большой потенциал для развития есть в электроэнергетике.

Стороны обсудили перспективы взаимодействия в нефтегазовой сфере, в том числе в реализации газотранспортных проектов в региональном аспекте.

Brent fell $1.03, or 1.1%, to $92.49 a barrel, WTI were down 75 cents, or 0.9%, to $84.57.

Saudi Arabia previously signed in February 2019 several memorandums of understanding for an investment of US$21bn in various sectors of the Pakistani economy, including for the project of a deep conversion refinery and petrochemical complex with an investment of US$12bn.

Brent fell by $1.30 to $91.96 per barrel, WTI fell by $1.24 to $83.34 per barrel.

China's crude imports from Russia have continued to stay elevated through 2022, averaging at 1.71 million b/d over January-August, up 7.3% year on year, according to customs data.

Brent slid $1, or 1.1%, to $92.50 a barrel, WTI was at $84.02 a barrel, down $1.03, or 1.2%.