Bloomberg A closely-held Chinese oil company agreed to buy a minority stake in Rosneft PJSC for about $9 billion, deepening energy and political ties with Russia amid increasing tensions with the US. The deal sees Glencore Plc and Qatar’s sovereign wealth fund selling most of their holding in Russia’s biggest crude producer, which they acquired to much fanfare in December. …

DUBA / Reuters Saudi Arabia will cut crude oil allocations to its customers worldwide in October by 350,000 barrels per day (bpd), an industry source familiar with Saudi oil policy told Reuters. The cuts in allocations are in line with Saudi Arabia’s commitments to the OPEC-led supply reduction pact, under which the top oil exporter is required to cut 486,000 …

Bloomberg Plans to sell a stake in Saudi Arabian Oil Co. are “well underway,” the government said on Saturday, as the kingdom redrafts one of its key economic blueprints to eliminate overlap with other reform programs. The government’s privatization program “continues to gain traction,” the Ministry of Culture and Information said in a statement. Officials have said the kingdom plans …