Speech by Alexey Miller at “Global Gas Markets: Energy Policy and Energy Security” Panel Session held as part of St. Petersburg International Economic Forum

Benchmark Brent crude futures LCOc1 were off by nearly 3 percent at $49.14 per barrel at 1034 GMT (6:34 a.m. ET), down $1.49 from the previous close. U.S. West Texas Intermediate crude CLc1 futures fell $1.45 cents to $46.91 per barrel.

U.S. Rig Count is up 508 rigs from last year's count of 408, with oil rigs up 408, gas rigs up 100, and miscellaneous rigs unchanged. Canadian Rig Count is up 58 rigs from last year's count of 41, with oil rigs up 38 and gas rigs up 20.

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $47.6 billion in April, up $2.3 billion from $45.3 billion in March, revised. April exports were $191.0 billion, $0.5 billion less than March exports. April imports were $238.6 billion, $1.9 billion more than March imports.

As oil prices sag despite OPEC’s renewed efforts to shore up world crude markets, Wall Street banks have more bad news for the producer group: the outlook for next year isn’t great either.

Alexey Miller, Chairman of the Management Committee of Gazprom, and Ben van Beurden, Chief Executive Officer of Royal Dutch Shell, signed at the St. Petersburg International Economic Forum 2017 the Heads of Agreement to set up a joint venture.

Following last year’s increase of 38 per cent, Gazprom continued to boost its gas exports to the Austrian market. Specifically, from January through May 2017 Russian gas deliveries to Austria added 79.5 per cent compared to the same period of 2016.

In 2016 Gazprom’s gas deliveries to Serbia had added 4.3 per cent compared to 2015. On top of that, the first half of 2017 saw a considerable increase in the demand for Russian gas: from January through May 2017 Gazprom’s gas supplies to Serbia climbed 42.2 per cent compared to the same period of 2016.

over the past five months, Gazprom’s gas supplies to the country added 37.3 per cent compared to the January–May period of 2016.

The upward trend continues: from January through May 2017 Russian gas deliveries to France added 8.8 per cent compared to the same period of 2016.

“While the overall trade deficit continues to grow, it is too soon for the numbers to reflect the recent deal with China and other actions of this Administration is taking to level the balance of trade,” said Secretary Ross. “We look forward to the July 16 deadline which will open up the Chinese market to American beef, liquefied natural gas and other products.”

Global benchmark Brent LCOc1 advanced 1.1 percent to $50.48 a barrel. U.S. oil CLc1 also climbed 1 percent to $48.17.

A crude price in the $50s is the new reality for bosses of some of the world’s largest producers as output caps from OPEC and its allies are balanced out by rising U.S. shale.

EIA forecasts Brent spot prices to average $53/b in 2017 and $56/b in 2018.

Россия обладает технологиями, которые мы готовы предлагать за рубеж. Российские компании НК, Роснефть, Газпром нефть, ЛУКОЙЛ, Зарубежнефть, Газпром, Газпром и Татнефть активно интересуются возможностью работы в Иране. По нашим предварительным оценкам, объем инвестиций в нефтегазовый сектор Ирана может составить свыше 20 миллиардов долларов США.

"We are willing to sit and talk," Qatari Foreign Minister Sheikh Mohammed bin Abdulrahman al-Thani told CNN late on Tuesday. He said his country was "protecting the world from potential terrorists".

Brent crude prices LCOc1 were at $49.70 per barrel at 1351 GMT, down 42 cents. Brent is about 8 percent below its open on May 25, when OPEC and other producers agreed to extend oil output cuts through to the first quarter of 2018. U.S. light crude prices CLc1 were at $47.69 per barrel, down 50 cents.

The US Energy Information Administration lowered its crude-oil price forecast and raised its US production outlook for 2018. The lower price forecast reflects the possibility of a return to modest oversupply in global oil markets in 2018.

The Organization of the Petroleum Exporting Countries (OPEC) met on May 25, 2017, and announced an extension to production cuts that were originally set to end this month. The agreed-upon OPEC crude oil production target remains at 32.5 million barrels per day (b/d) through the end of the first quarter of 2018. EIA now forecasts OPEC members’ crude oil production to average 32.3 million b/d in 2017 and 32.8 million b/d in 2018, about 0.2 million b/d and 0.4 million b/d, respectively, lower than previously forecast. However, continuing production growth in many non-OPEC countries is expected to moderate the pace of global liquid fuels inventory draws in 2017 and lead to a small inventory build in 2018.

The worldwide rig count for May 2017 was 1,935, up 18 from the 1,917 counted in April 2017, and up 530 from the 1,405 counted in May 2016.