The current oil price environment has had a negative impact on oil investments, hurt energy efficiency and boosted the share of oil produced in the Middle East.

After half a year of strong oil price rises, Asian crude demand is slowing and by some measures falling, and many market participants suspect it is not just a cyclical phenomenon, but also a product of more permanent structural changes.

Japan's crude imports from Iran recovered to pre-sanction levels in May, importing 307,691 b/d, up 61.2% year on year and up from 19,161 b/d in April, according to preliminary data released June 30 by the Ministry of Economy, Trade and Industry.

U.S. crude was down 23 cents at $46.37 a barrel at 0158 GMT. The contract fell 5 percent to end at $46.60 on Tuesday as U.S. investors digested news of an OPEC increase in production after the July 4 holiday on Monday closed trading. Brent futures were down 18 cents at $47.78. On Tuesday they settled down 4.3 percent at $47.96 a barrel.

In the week ending Monday, the average UK pump price of unleaded gasoline (ULSP) was 111.65p/liter, up 0.21 p/liter week on week. The price of diesel (ULSD) was 112.86 p/liter, up 0.30 p/liter on the week.

Russia is on course to post its widest budget deficit since 2010 after oil prices tumbled to a 12-year low in January, reducing revenue for the state budget in the world’s largest energy exporter.

Directors emphasized the need for continuing structural reforms to support a successful transition and improve the efficiency of the economy. They saw merit in continued restraint in wage settlements and further reforms to reinvigorate productivity growth. Aligning public sector pensions with recent private sector reforms and reforms to sickness and disability pensions could increase labor force participation. Directors also saw scope for efficiency gains from reducing tax preferences for owner-occupied housing and relaxing supply restrictions in the housing market.

Kuwait's budget deficit reflects the impact lower oil prices have had on crude exporters, particularly Gulf Arab monarchies that rely on oil revenues to support generous subsidies, welfare benefits and public sector wages.

Monthly average crude oil prices for April rose in all categories of sale. The average domestic crude oil first purchase price increased $3.72 (11.7%), to $35.59 per barrel.

China and Saudi Arabia discussed growth prospects and areas of cooperation and found mutual interests in crude oil storage, logistics, infrastructure, industrial development, mining, technology, energy, renewables and sovereign wealth funds, according to the ministry statement.

Brent crude futures LCOc1 were trading at $50.31 per barrel at 0441 GMT, almost unchanged from their last settlement. U.S. crude CLc1 were down 5 cents at $48.94.

Brent crude LCOc1 was down 48 cents a barrel at $50.13 as of 0856 GMT, having risen in the two previous sessions. U.S. crude CLc1 was down 48 cents to $49.40.

Brent crude futures were trading at $48.84 per barrel at 0422 GMT, up 26 cents from their last settlement. U.S. crude was up 35 cents at $48.20 a barrel.

Canada's oil sands production will grow by 42 percent to 3.4 million barrels per day by 2025, most of which will come from the expansion of existing facilities rather than new projects

Oil production in Nigeria has risen to about 1.9 million barrels per day (bpd), from 1.6 million bpd, due to repairs and more than a week having passed since a major pipeline attack in the Niger Delta