According to the influential american magazine, Newsweek, the deal would include a Russian offer to make up any shortfalls in oil supplies to the West resulting from crises in other parts of the world.
In exchange, Moscow would get a US commitment to help develop Russia's energy resources and work together to integrate Central Asia into the world markets.
While the upcoming World Cup is generating lots of excitement in joint host nation South Korea, power demand from factories saw South Korea consume 3 per cent more energy in March than a year ago.
Total energy consumption in March rose to 14.3 million metric tons of oil equivalent, helping spur growth in first-quarter energy use to 2.3%.
