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China said on Thursday that the U.S. needs to correct its "wrong actions" in order for trade negotiations to resume, in the wake of the Trump administration blacklisting Chinese telecommunications giant Huawei Technologies. "If the United States wants to continue trade talks, they should show sincerity and correct their wrong actions. Negotiations can only continue on the basis of equality and mutual respect," Chinese Commerce Ministry spokesman Gao Feng said to reporters. "We will closely monitor relevant developments and prepare necessary responses."

U.S. Secretary of State Mike Pompeo on Thursday accused the chief executive of Huawei, Ren Zhengfei, of lying about his company's ties to the Chinese government. "The company is deeply tied not only to China but to the Chinese Communist Party.

Russian oil production during the May 1st-21st period fell to an average of 11.147 mil bpd, from April’s level of 11.23 mil bpd, Reuters reported citing 2 industry sources familiar with the data. T

Russia is using rail, storage tanks and ships to remove contaminated oil from the Druzhba export pipeline, and has so far extracted around 2 mil tonnes – just over one-third – of the tainted oil. The Belarus operator of a section of the Druzhba pipeline has estimated that a total of 5 million tonnes of oil could have been contaminated by organic chloride, which is used to boost oil extraction but will destroy refining equipment.

The U.S. has told several large oil trading firms this week to stop trading jet fuel with Venezuela or face U.S. sanctions, Reuters reported on Thursday citing 2 industry sources. Officials from the U.S. State Department officials made calls to several large Swiss-and British-based oil trading houses with their demand, which is aimed at limiting commercial and military flights in Venezuela.