The Russian delay is sure to frustrate OPEC kingpin Saudi Arabia, which had called for the collective to immediately implement deeper cuts of 500,000 b/d or more amid the sell-off in crude prices.

The US was prepared to sanction Rosneft if it continued to trade crude oil and fuel with PDVSA, but analysts said those sanctions have yet to be imposed because of the expected impact they may have on the global oil market.

Rosneft Oil Company and Indian Oil Corporation Limited (IOCL) signed a contract to supply up to 2 million tonnes of oil to India via the port of Novorossiysk by the end of 2020.

Russian President Vladimir Putin and Saudi King Salman bin Abdulaziz "thoroughly discussed" the current oil market conditions as prices have fallen by more than 20% in the past three weeks amid global oil demand concerns, a Kremlin statement said late Monday.

Gas demand across Europe has been unseasonably weak in January due to warm weather, with the month also seeing a re-routing of Russian gas exports to Europe with the start-up of the TurkStream gas pipeline to Turkey replacing some flows via Ukraine.

When replacing hard coal, natural gas achieves an immediate 50 percent reduction of CO2 emissions.

In the fourth quarter of 2019 LUKOIL Group's average hydrocarbon production excluding the West Qurna-2 project was 2,388 thousand boe per day

RusHydro Group announces 4Q and FY2019 operating results

Brent were 68 cents higher at $58.97 a barrel, WTI were up by 70 cents to $52.84 a barrel

The big annual boost in Saudi shipments followed a new marketing strategy by state-run Aramco, which signed at least two new supply pacts with private refiners in China that came into the market from late 2018. Previously, Saudi Aramco had only dealt with China’s state refiners in long-term contracts.

The potential that the waivers would lapse has raised concerns since 2019 that state-owned Russian nuclear company Rosatom, which does work for Iran's civilian nuclear program but also supplies a fifth of US enriched uranium, could be sanctioned, disrupting the supply of nuclear fuel to US utilities.

Following the Jan. 28, 2019 ban on U.S. firms importing Venezuelan crude, the United States has not followed through on threats to extend the sanctions to any foreign company doing business with PDVSA, as it seeks to oust socialist Maduro.

Gazprom supplied its first billion cubic meters of gas via the TurkStream gas pipeline.

The organic reserve replacement rate, excluding the effect from acquisitions and disposals, which mainly related to the disposal of 40% participation interest in Arctic LNG 2 project, amounted to 252%, with the addition of 1,487 million boe, inclusive of 2019 production.

Siberian Chemical Combine (SCC) has completed acceptance tests of its ETVS-22, ETVS-23 and ETVS-24 experimental fuel assemblies with mixed uranium-plutonium (nitride) nuclear fuel for fast neutron reactors. Based in Seversk, SCC is a subsidiary of TVEL, the nuclear fuel manufacturing subsidiary of Russian state nuclear corporation Rosatom.