Oil prices were little changed in early Asian trade on Friday, as investors eyed a key OPEC meeting in Vienna and Saudi Arabia and Russia, architects of a producer deal to cut output, indicated they want production to rise.
Oil prices were mixed on Monday, caught between the downward pull of rising Russian production and U.S. oil drilling activity at its highest since 2015, and upward pressure from strong demand, especially in Asia.
Pakistan and Russia have finalised a memorandum of understanding (MoU) for conducting a “feasibility study” of a planned undersea gas pipeline.
After the US, Russia on Monday began supplying Liquefied Natural Gas or LNG to India under a long-term deal as the world’s fourth-largest buyer of liquefied natural gas diversifies import basket to meet its vast energy needs.
The country’s largest lender State Bank of India (SBI) has alerted all its offices on the pitfalls of dealing with companies carrying out trade with Russia and Iran which are battling US sanctions.
India is seeking rights to mine for gold and diamonds in Russia’s resource-rich Far East, Trade Minister Suresh Prabhu told Reuters on Tuesday.
Oil prices inched down on Wednesday amid concerns that Saudi Arabia and Russia will pump more crude in the second half of the year in response to falling global crude inventories and rising consumer prices.
Oil prices headed for its longest run of losses since February as Saudi Arabia and Russia mull easing curbs on crude production as concerns grow over supply shortages.
Oil prices fall, extending a steep decline in the previous session, as the market eyes an increase in output from the world’s three top crude producers, Russia, US and Saudi Arabia
Brent crude futures fell $2.35, or 3%, to settle at $76.44 a barrel as Saudi Arabia and Russia discuss easing production cuts