India and Russia are targeting $30 billion of annual trade by 2025, India’s foreign secretary said on Wednesday as a string of energy deals deepened economic ties between the nations.

Brent was down 47 cents at $58.19 a barrel, WTI was down 65 cents, or 1.19%, at $54.45 a barrel

Russia will fully comply with its obligations under the OPEC+ agreement in September

“OPEC can no longer ignore Russia because of its importance as an oil exporter and its economy,” said Elina Ribakova, deputy chief economist at the Institute of International Finance in Washington. “The Russians will continue doing just enough to engage with the Saudis on oil production.”

Brent crude slipped 22 cents, or 0.4%, to $59.03 a barrel, while WTI was down 2 cents at $55.083 at barrel.

The Sharjah Chamber of Commerce and Industry, SCCI, will be organising the UAE – Russia Forum, from 3rd to 6th September in Russia.

The U.K., France and Germany have called for restraint in the South China Sea amid reports that Chinese and Vietnamese vessels are facing off in the disputed waters over competing territorial claims.

Nigeria lost about 22 million barrels of its crude oil production to theft in the first half of this year, Nigerian National Petroleum Corp. said

Brent was down by 23 cents, or 0.4%, at $60.85 a barrel, WTI fell 40 cents, or 0.7%, to $56.31 a barrel.

At 427.8 million bbl, US crude oil inventories are at the 5-year average for this time of year

TechnipFMC plc (NYSE: FTI) (Paris: FTI) announced its Board of Directors has unanimously approved its plan to separate into two industry-leading, independent, publicly traded companies: RemainCo, a fully-integrated technology and services provider, continuing to drive energy development; and SpinCo, a leading engineering and construction (E&C) player, poised to capitalize on the global energy transition.

Brent crude futures LCOc1 climbed 59 cents, or 1.0%, to $60.10 a barrel by 0652 GMT. West Texas Intermediate (WTI) crude futures CLc1 gained 70 cents, or 1.3%, to $55.63 a barrel.

The JMMC noted the overall conformity of 159% in July 2019 was 22 pp higher than in June 2019, and the average conformity of 134% since January 2019 was the highest to date in 2019. This high level of overall conformity has offset uncertainty in the market due to ongoing economic growth worries.

China's crude oil imports from Iran rose 4.7% month on month to 926,119 b/d in July, while the US ranked as the eighth largest crude supplier as shipments surged to a 13-month high of 362,364 b/d,

The Bab el-Mandeb Strait is a sea route chokepoint between the Horn of Africa and the Middle East, connecting the Red Sea to the Gulf of Aden and Arabian Sea. Most exports of petroleum and natural gas from the Persian Gulf that transit the Suez Canal or the SUMED Pipeline pass through both the Bab el-Mandeb and the Strait of Hormuz.