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Ahead of official numbers. API data shows sizable declines in US crude inventories.

Over 1.053 domestic and 600 foreign companies from 37 countries are attending the three-day event.

Several memorandums of understanding are expected to be signed on the sidelines of the exhibition.

Reasonable oil prices would ``encourage producers to keep supply while it would prevent global markets from plunging into instability.

Crude oil production in Russia amounted to 10.97 million barrels a day last month.

Iran'.s overall non-oil exports. including condensates. stood at $46.9 billion in the last fiscal year — 6.6 percent more year-on-year.

The scope of Russia’s profit-based tax (NDM) pilot scheme will still be limited in the context of Russia’s upstream sector.

Oil turns higher as dollar moves. looming decision on Iran sanctions tug at market.

The BlueVault is designed to help ensure continuity of power and to minimise carbon dioxide (CO2) emissions. the company noted.

Bob Dudley. the American boss of the oil giant. was forced to flee Russia in 2008 .