Low-priced Russian oil has also reduced the Asian economic giant's imports from Saudi Arabia and Iraq.
Russia overtakes Saudi Arabia as Beijing's top supplier after 19-month gap as Russian oil imports have soared to a record 55 percent from last year.
The company was pushed into a headline loss of $20.4 billion in the quarter following its decision in February to pull its 19.75-percent stake in Russian energy group Rosneft.
Over 100 people have been "burnt beyond recognition" due to a deadly explosion at an illegal oil refining depot in Nigeria's Rivers state.
As Russian President Putin orders military operations in Ukraine Brent hits high of $101.34 per barrel, highest since Sept 2014 and WTI touches high of $96.51, highest since August 2014.
Three UAE based companies are buying and shipping oil from Venezuela, a Latin American country facing harsh US sanctions since June last year.
Ministers of the cartel and outside nations led by Russia meet via video conference to adopt the measure, aimed at cutting the excess production depressing prices as global aviation remains largely grounded due to the pandemic.
Demand for fossil fuels has plunged amid the widespread lockdowns and traders are finding it difficult to store the oil flooding the market.
After the price of US benchmark crude set for May delivery fell as low as -$40 per barrel, we bring you answers to pressing questions ranging from what's a crude future, why are we short on oil storage and what it means for you, the consumer.
US West Texas Intermediate (WTI) crude for May delivery was up $38.73 at $1.10 a barrel by 0117 GMT after settling down at a discount of $37.63 a barrel in the previous session.
Asian stocks fell following a sell-off on Wall Street, with investor confidence continuing to be rattled by the coronavirus crisis.
Saudi Arabia's prioritising of profit over principle has grown exponentially under Crown Prince Mohammad Bin Salman.
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