Russian crude producer Lukoil is in talks with Saudi Aramco on potential joint projects outside Russia and Saudi Arabia, including some in Africa, CEO Vagit Alekperov said Wednesday on the sidelines of the Russia-Africa Summit in Sochi.

President of PJSC LUKOIL Vagit Alekperov and Nigerian National Petroleum Corporation (NNPC) Group Managing Director Mele K Kyari signed a Memorandum of Understanding between the companies. Memorandum was signed today at the Russia-Africa economic forum in Sochi.

Brent were down 25 cents, or 0.43%, to $59.45 a barrel , WTI for December delivery fell 32 cents, or 0.59%, to $54.16 per barrel

President Vladimir Putin will host the Russia-Africa Summit in Sochi this week as Russia looks to expand its footprint in Africa.

The brisk pace of U.S. production, now the world’s largest, in the past few years has been a key factor behind the relative weakness in oil prices. Output has slowed recently, however.

An auction next month of oilfields in Brazil may be the priciest ever held, raising at least $50 billion in licensing fees and compensation, according to people familiar with government estimates.

The bonds have rallied to their highest since April 2018 as money managers turn more sanguine about the state oil firm following a $7.5 billion bond sale to refinance its debt, potentially staving off another ratings downgrade. Pemex’s dollar-denominated bonds maturing in 2027 jumped 14% from their November low to 105.4 cents on the dollar, climbing for an eighth consecutive day on Tuesday.

Brent crude LCOc1 was down 57 cents at $58.85 a barrel, WTI crude oil CLc1 declined 39 cents to $53.39 a barrel.

U.S. crude oil production reached a new all-time high of 12.4 million barrels per day (mb/d) – and U.S. natural gas liquids production sustained a record 4.8 mb/d – in September,

The collateral damage of the United States’ trade wars is being felt from the fjords of Iceland to the auto factories of Japan.

Petrobras, which has been was completing the installation of seven new floating production units, produced 2.794 million b/d of oil equivalent in the third quarter from domestic fields. Oil and gas output was up 9.5% from the second quarter.

U.S. Rig Count is down 5 rigs from last week to 851, Canada Rig Count is down 3 rigs from last week to 143,

Brent fell by 21 cents, 0.4%, to $59.70 a barrel , WTI edged down by 4 cents, or 0.1%, to $53.89 per barrel.

“We won’t join the United States, but will cooperate closely with them,” Japan’s Chief Cabinet Secretary Yoshihide Suga told a news briefing. “Self Defense Force assets will ensure the safety of vessels related to Japan.”

During a meeting in Moscow last month, Russian President Vladimir Putin and Venezuelan President Nicolas Maduro, who has already threatened to nationalize Chevron's assets, discussed the possibility of Rosneft taking over Chevron's Venezuelan operations, sources said.