Rosneft Vietnam B.V., a company of Rosneft Group, and Japan Drilling Co., Ltd. (JDC) represented by its subsidiary Hakuryu 5, Inc. signed an agreement on provision and operation of the marine drilling rig HAKURYU-5, for the purposes of drilling exploration wells within the framework of Rosneft’s projects in Vietnam. It is planned to drill two wells in Blocks 06.1 and 05-3/11 in the Nam Con Son basin offshore Vietnam in 2016.

The October crude oil contract on the New York Mercantile Exchange gained 84¢ to $46.25/bbl on Sept. 2 while the November crude oil contract also climbed 84¢ to $46.86/bbl. The natural gas contract for October declined 5¢ to a rounded $2.65/MMbtu. The Henry Hub, La., gas price dropped 3¢ to $2.71/MMbtu. The October ICE contract for Brent crude climbed 94¢ to settle at $50.50/bbl, and the November contract gained 93¢ to $51.29/bbl. The ICE gas oil contract for September dropped $10.25 to $471.50/tonne. The average price for the OPEC basket of 12 benchmark crudes declined $2.24 to $45.53/bbl on Sept. 2.

Buying crude oil from Russia allows China to ensure security of supply as cooperation between the two countries is likely "to gain new momentum," China National Petroleum Corp. Chairman Wang Yilin said Friday.

Russia can increase its oil production to as much as 700 million tonnes of oil per year (14 million barrels of oil per day) and export 300 billion cubic meters of gas to China annually, Rosneft Chief Executive Igor Sechin said on Friday.

Rosneft and Indian ONGC Videsh Limited during the Eastern Economic Forum signed the agreement of sale and purchase of 15% in Vankorneft and shareholders agreement in regard of the enterprise management. The document was signed by the Chairman of Rosneft Management Board Igor Sechin and Managing Director of ONGC Videsh Limited Narendra Verma.

Oil prices fell more than 7 percent on concerns about global demand for petroleum, reversing a three-day rally that had pushed U.S. crude up 27.5 percent.

‘Magadanmorneftegaz, Lisyanskmorneftegaz (joint ventures of Rosneft and Statoil) and China Oilfield Services Limited (COSL) signed a contract to drill two exploration wells in 2016. The wells will be drilled in the Magadan-1 and Lisyansky areas of the Okhotsk Sea’ Rosneft wrote on Wednesday.

China, the world's second-biggest oil consumer, has already begun to loosen its grip on the physical oil sector this year by granting quotas for imported crude to privately-owned refiners for the first time, surprising market participants with the speed of reform.

Oil prices have rocketed more than 25 per cent in three trading sessions, with the latest boost coming from data on US production and vague hints of a change of thinking inside the Opec producers’ cartel.

“Today’s continuing pressure on prices, brought about by higher crude production, coupled with market speculation, remains a cause for concern for OPEC and its members—indeed for all stakeholders in the industry,” the commentary in the latest OPEC Bulletin said.

Supplies outside OPEC are expected to contract in 2016 for the first time since 2008, sliding by 200,000 barrels a day, according to the International Energy Agency. With consumption set to grow by 1.4 million barrels a day, OPEC and its de facto leader Saudi Arabia could seize the chance to broaden their market as competitors damaged by the price slump fall off.

"It's quite possible that if oil prices remain at the low levels for long, oil production could decline, as had been the case before. Anyway, we don't expect any significant cuts,"

EIA estimates U.S. crude oil production in June 2015 at 9.3 million barrels per day (b/d), a decrease of approximately 100,000 b/d from the revised May 2015 figure. Production estimates released in the PSM for January through May were revised downward by 40,000 b/d to 130,000 b/d. The largest revisions in volume include decreases of oil production in Texas (ranging from about 100,000 b/d to 150,000 b/d) and increases in the federal Gulf of Mexico (ranging from about 10,000 b/d to 50,000 b/d). U.S. crude oil production for the first six months of 2015 averaged 9.4 million b/d.

"We cut our real GDP outlook... to take into account a weaker-than-expected second quarter, a deteriorating global emerging market outlook, and our oil price revisions,"

At a time when the oil price is languishing at its lowest level in six years, producers need to find half a trillion dollars to repay debt.