BLOOMBERG - Energy ministers from Saudi Arabia, the United Arab Emirates, Kuwait, Algeria and Oman held an unofficial consultative meeting on Saturday in Kuwait City, the Kuwait News Agency reported, citing a statement from the joint ministerial monitoring committee of OPEC and non-OPEC countries. They discussed market conditions and the producers’ compliance with the global output cuts, it said.

МИНФИН РОССИИ - Средняя цена нефти марки Urals по итогам января – мая 2018 года составила $ 67,91 за баррель. В 2017 году средняя цена на Urals в январе – мае составила $ 51,29 за баррель. Средняя цена на нефть марки Urals в мае 2018 года сложилась в размере $ 74,86 за баррель, что в 1,52 раза выше, чем в мае 2017 года ($ 49,14 за баррель).

IMF - The near-term growth outlook is broadly positive. Overall, GDP growth of 2.6 percent is projected for 2018. Inflation is expected to peak at 3.9 percent in 2018—as the impact of the value-added tax being introduced during the second half of 2018 would mostly be felt in that year—before easing to 2.2 percent in the medium term. The availability of significant external and fiscal buffers and the strong financial sector should enable the country to withstand downside risks, including lower-than-envisaged oil prices, tighter global conditions and an escalation of the diplomatic rift.

API - A diverse group of energy industry associations including energy efficiency and storage, natural gas, oil, solar and wind issued the following statement condemning the Administration’s draft plan to bail out coal and nuclear plants across the country.

API - “The implementation of new tariffs will disrupt the U.S. oil and natural gas industry’s complex supply chain, compromising ongoing and future U.S. energy projects, which could weaken our national security. Additionally, Canada, Mexico and the European Union are imperative members of our Defense Industrial Base (DIB) and are top military allies – far from a threat to America’s security.

SHANA - The Iranian Minister of Petroleum further stressed that should the sanctions lead to any reduction in the oil market share of the I.R. Iran, Tehran, once the illegal limitations were resolved, reserves the right to return to its oil market share in the shortest possible time and resume its normal production-level and that it would not accept any limitations in that regard.

SHANA - The country exported 2.4 mbd of crude oil and 300,000 b/d of gas condensate, ultra light crude oil, during May.

REUTERS - U.S. West Texas Intermediate (WTI) crude futures fell 10 cents, or 0.2 percent, $65.71 a barrel by 2353 GMT. Last week, WTI lost around 3 percent, adding to a near 5 percent decline a week before. The global benchmark Brent fell 26 cents, or 0.34 percent, to $76.53 a barrel.

ГАЗПРОМ - Председатель Правления ПАО «Газпром» Алексей Миллер и Председатель Правления OMV AG Райнер Зеле подписали Соглашение о продлении действующего контракта между ООО «Газпром экспорт» и OMV Gas Marketing & Trading GmbH на поставку российского природного газа в Австрию до 2040 года. Ранее контракт действовал до 2028 года.

PLATTS - Russia's largest crude oil producer, Rosneft, is in a position to add 100,000 b/d to production in a few days if the conditions of the OPEC/non-OPEC production cut deal are eased, analysts at Aton said in a research note released following meetings with Rosneft officials.

BLOOMBERG - By most metrics, the embargo that closed Qatar off from major air, sea, and land links has failed. The country’s imports and exports are up, according to the International Monetary Fund. Qatar, the world’s richest country per capita thanks to massive reserves of natural gas, is on track to post a budget surplus in 2018. Its economy is growing faster than most of its peers.

BLOOMBERG - Gross domestic product advanced 1 percent from the prior quarter, with overseas shipments accounting for half the expansion, the Australian Bureau of Statistics said in Sydney Wednesday. Economists had forecast a 0.9 percent gain. The economy expanded at an annual pace of 3.1 percent, also beating estimates for a 2.8 percent increase.

BLOOMBERG - Abu Dhabi plans to spend $13.6 billion over three years and allow freezone-based companies to take part in government tenders as the oil-rich emirate seeks to stimulate the economy.

BLOOMBERG - Billionaire David Koch is stepping down from leadership positions in his family’s business and conservative political empire because of deteriorating health, his older brother told company employees in a letter Tuesday.

FT - “In my opinion, the stability of Russian production was underestimated by the market,” said Igor Sechin, chief executive of Rosneft, the country’s top oil producer. “In general, the Russian oil sector investments in rouble equivalent under the crisis conditions were increasing, and so did the production.” 

SAIPEM - Saipem has been awarded a Pipeline Project in the E&C Offshore sector in the Middle East worth approximately 1.3 billion USD.

REPSOL - Between 2018 and 2020, Repsol plans to invest 15 billion euros: 53% in its Upstream unit (Exploration and Production) and 45% in Downstream (Refining, Chemicals, Marketing, Lubricants, Trading, LPG, Gas & Power) and low-emissions assets.

REUTERS - Eni has no material exposure to Iran and so will not be affected by sanctions announced by the U.S. administration, a spokesman for the Italian oil major said

REUTERS - Brent crude LCOc1 rose 78 cents to $76.16 a barrel by 0645 GMT after dropping to its lowest since May 8 on Tuesday. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 33 cents at $65.85 a barrel, having touched a near two-month low on Tuesday.

REUTERS - “We have to look into the situation which has panned out on the market today, from the point of view of the volume cuts, inventories decline, shortages on the market, and to adjust the figures,” Novak told reporters.