Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Oil Majors Join to Boost U.S. Supplies

The country's four top oil companies said Tuesday they planned to sign a preliminary deal Wednesday to build a major export terminal in Murmansk on the Barents Sea, a move aimed at boosting oil supplies to the United States.

Executives from LUKoil, Yukos, TNK and Sibneft, which together produce more than a half of Russia's crude, were to sign the memorandum of understanding.

Spokesmen from the four companies said the memorandum would also include an intention to build a 1,500-kilometer link between Murmansk and the country's existing pipeline network.

The idea to build a 1 million barrels-per-day oil export terminal in Murmansk was floated by LUKoil during a Russia-U.S. summit in May and supported in August by other Russian majors.

Russia's output is booming for the fourth straight year and Moscow needs new export routes as its domestic consumption remains flat.