World oil market chronology

Payment is planned “most likely during the second half of the year,” according to sources cited by Reuters

Global oil prices rose after several leading producers, led by Saudi Arabia, surprisingly announced production cuts, AFP reported.

Crude futures rose nearly eight percent, a day after several OPEC+ members unexpectedly announced production cuts totaling more than one million barrels per day.

Russian oil sales to India surged more than twentyfold last year as European buyers turned to other markets following the conflict in Ukraine, Russia's deputy prime minister said yesterday.

Russia shifted its oil exports to India and China last year as European Union nations sought to end their reliance on Russian energy supplies after Moscow sent troops into neighboring Ukraine.

The oil must be returned to Iran the new ruling says

Turkey's annual consumer price inflation increased from 61.1 percent in March to 69.97 percent in April, the Turkish Statistical Institute (TÜİK) has reported.

Consumer prices increased by 7.25 percent on a monthly basis in April, after increasing by 5.46 percent in March. The monthly inflation rates were 11.1 percent in January and 4.8 percent in February.

OPEC told the European Union that current and future sanctions against Russia could lead to one of the worst shocks in oil supplies and it will be impossible to replace these volumes, while the oil cartel has signaled that it will not increase yields, Reuters reported.

It is the highest since last April

The World Bank has raised its growth projection for the Turkish economy by 0.5 percentage points to 5 percent for 2021.

Russian President Vladimir Putin discussed with his U.S. counterpart Donald Trump on April 10 the situation at globals oil markets, and the coronavirus outbreak over phone.

Qatar Petroleum is looking to invest nearly $20bn in the United States over the next five years "in different projects in different areas", HE the Minister of State for Energy Affairs, Saad Sherida al-Kaabi has said, quoted by Gulf Times.