Russia's output of oil products is expected to fall by about 2.5 percent in 2017 due to further work on a massive refinery modernisation programme aimed at boosting fuel quality, a deputy energy minister said.

A new deposit in Serbia’s Pannonian oil and gas basin may contain recoverable reserves of 432,000 tonnes, according to Russia's PJSC Gazprom Neft. The Idos-X-4 well was drilled to the Neogene-aged formation at a depth of 2,268-2,287 m in the Idos-Sever (Northern Idos) field.

U.S. and European Union sanctions and a collapse in global oil prices have hurt the Russian economy and starved it of much-needed foreign investment.

Russia's gas production, including associated petroleum gas, is estimated at 637 Bcm in 2016, which would represent a marginal increase of 0.2% year on year, energy minister Alexander Novak said late Tuesday.

Pursuant to Gazprom’s approved budget (financial plan), the overall amount of investments in 2017 will stand at RUB 910.67 billion, with RUB 625.455 billion intended for construction projects, RUB 0.125 billion for the acquisition of non-current assets, and RUB 285.09 billion for long-term financial investments.

Iraq plans to increase crude-oil exports in January, government records show, immediately raising questions about its commitment to slashing production in line with OPEC’s landmark production agreement last month.

Alexey Miller, Chairman of the Gazprom Management Committee, and Rainer Seele, Chairman of the OMV Executive Board, signed the Basic Agreement regarding the asset swap. The signing ceremony took place in the presence of Hans Jörg Schelling, Minister of Finance of the Republic of Austria, and Anatoly Yanovsky, Deputy Minister of Energy of Russia.

Rosneft and the China National Petrochemical Company (ChemChina) signed a Heads of Agreement on establishing a Joint Venture. The document was signed by Rosneft Chief Executive Officer Igor Sechin, and General Manager of ChemChina Yang Xingqiang.

Gazprom joins Lukoil PJSC and Zarubrezhneft OAO in Russia, Iran’s Oil Minister Bijan Namdar Zanganeh said in Tehran at the signing ceremony. Salbali Karimi, managing director of the Iranian Central Oil Fields Co., and Alexander Dyukov, chairman of the management board and chief executive officer of Gazprom Neft, signed the memorandum of understanding.

The first global crude supply pact in 15 years has underlined the growing energy alliance between Saudi Arabia and Russia, as the depth of the two-year oil slump forces co-operation between once unlikely partners.

Rosneft Board of Directors has approved a strategic cooperation agreement with Qatar Investment Authority and Glencore, providing for further cooperation in upstream projects, logistics and global trading.

Eni has agreed a $1.125bn deal to sell a 30 per cent stake in its giant Egyptian gas field Zohr to Rosneft, as the Italian company continues efforts to monetise the recently-discovered field.

Russia has also benefited this year from oil's price stabilization and a recent deal between major crude producers to curb output has raised expectations of higher prices next year. The central bank has a medium-term oil price forecast of $40 a barrel.

Oil prices slipped on Friday as some investors opted to cash out after Brent touched 16-month a high on Thursday, with optimism over this week's OPEC-Russia accord on cutting output giving way to questions on the "sticking point" of implementing the deal.

Russia promised to support a push by the Organization of Petroleum Exporting Countries to reduce a global oil oversupply after the group agreed to cut production by 1.2 million barrels a day on Wednesday. Energy Minister Alexander Novak pledged Russia would cut its own output by as much as 300,000 barrels a day, a stronger move than the previously preferred position of a freeze.