India has won a big price cut on a 20-year liquefied natural gas (LNG) deal with global giant ExxonMobil Corp in a rare contract renegotiation, a bad sign for global producers in a heavily oversupplied market.

U.S. West Texas Intermediate (WTI) crude futures were at $49.12 barrel at 0146 GMT, 4 cents below their last settlement, but not far off more than three-week highs reached in the previous session. Brent crude futures, the benchmark for oil prices outside the United States, dipped 8 cents to $54.12 a barrel, though still not far from May highs reached the previous day.

Средняя цена нефти марки Urals по итогам января-августа 2017 года составила $50,09 за баррель.

Brent LCOc1 had gained 51 cents to $53.89 a barrel by 1356 GMT. U.S. West Texas Intermediate (WTI) crude futures Clc1 were up 45 cents at $49.54 a barrel.

Brent crude futures LCOc1, the international benchmark for oil prices, had fallen by almost 1 percent from their last close, or 41 cents, to $52.34 per barrel by 0655 GMT. U.S. West Texas Intermediate (WTI) Clc1 crude futures were more stable, at $47.30 barrel, close to their last settlement.

The figure of around 2.2 million to 2.3 million b/d includes about 300,000 to 400,000 b/d of condensates, which implies that its current crude oil production is at the coveted 1.8 million b/d mark.

In June 2017, for the first time in 15 months, dry natural gas production increased year-to-year from the same month a year ago. The preliminary level for dry natural gas production in June 2017 was 2,188 billion cubic feet (Bcf), or 72.9 Bcf/day. This level was a 1.3 Bcf/day (1.9%) increase from the June 2016 level of 71.6 Bcf/day.

The October light, sweet crude contract on NYMEX fell 13¢ on Aug. 29 to settle at $46.44/bbl while the November contract was up 4¢ to settle at $47/bbl. The NYMEX natural gas price for September gained 3.6¢ to a rounded $2.96/MMbtu. The Henry Hub cash gas price was $2.88/MMbtu, down 4¢. The Brent crude contract for October on London’s ICE was up 11¢ to $52/bbl. The November contract gained 24¢ to $51.66/bbl. The September gas oil contract was $484.50/tonne on Aug. 29, up 25¢. The Organization of Petroleum Exporting Countries’ basket of crudes on Aug. 29 was $49.51/bbl, down 35¢.

Top oil producers Saudi Arabia and Russia are pushing to extend their deal to limit crude oil production for another three months, which would leave the output deal between OPEC and non-OPEC producers in place through the end of June, people familiar with the matter said.

Last week, U.S. liquefied natural gas (LNG) made its way to the somewhat unlikely market of Lithuania. The former Soviet republic traditionally bought its gas from Russian state company Gazprom; this was its first shipment from the United States. For President Donald Trump, that must have been a gratifying sign of the success of his administration’s nascent energy diplomacy.

Norway’s $970-billion sovereign wealth fund, the world’s largest, should allocate a bigger share of its investments to renewable energy to boost returns, a U.S. energy policy think-tank said

International Brent crude futures LCOc1 were 32 cents lower at $51.57 per barrel, having traded as high as $52.19 earlier in the day. U.S. West Texas Intermediate (WTI) crude CLc1 edged down 5 cents to $46.52 a barrel, after falling more than 2 percent in the previous session.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 52 cents at $47.35 a barrel. Brent crude LCOc1 was down 12 cents at $52.29 per barrel.

Bahrain’s fiscal and external vulnerabilities have increased in the wake of the oil price decline. Overall GDP grew 3 percent in 2016, supported by strong growth of 3.7 percent in the non-oil sector aided by the implementation of GCC-funded projects. Average inflation remained moderate at 2.8 percent. Bank deposit and private sector credit growth slowed. The banking sector remains well capitalized and liquid. Despite the implementation of significant fiscal adjustment, lower oil prices meant that the overall fiscal deficit reached nearly 18 percent of GDP and government debt rose to 82 percent of GDP. The current account deficit widened to 4.7 percent. International reserves have declined.

Brent crude futures, LCOc1 the international benchmark for oil prices, were at $51.92 per barrel at 0652 GMT, down 18 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $48.70 a barrel, down 12 cents, or 0.3 percent.