U.S. Rig Count is up 10 rigs from last week to 491, with oil rigs up 10 to 406, gas rigs unchanged at 83, and miscellaneous rigs unchanged at 2. Canadian Rig Count is down 5 rigs from last week to 121, with oil rigs unchanged at 65, gas rigs down 4 to 56, and miscellaneous rigs down 1 to 0.

The slumping oil price has carved a chunk out of Australian oil and gas majors, with Woodside Petroleum reporting that profits halved in the first six months of the year while Santos swung to a loss of more than $1bn.

“This period of low oil price is not a time to jeopardize Nigeria’s long term interests by showing Nigeria as a place not to be trusted, and projecting our business environment as unconducive,”

The Russian government has issued the license for the Central Oil and Gas Company – a joint venture between Lukoil (25%), Gazprom (25%) and Kazakhstan’s KazMunaiGaz (50% ) – to develop the Central field.

Indonesia's Pertamina has signed a deal with Petrochemical Commercial Company (PCC) of Iran for the import of refined petroleum and petrochemical products.

“In this underground lies the energy that China needs for the future. Currently, we are sending 600 Mbpd of crude to China, and we expect to increase this trade to more than 1 MMbpd within the next years.”

India will save about Rs 20,000 crore ($3bn) as it has renegotiated a long-term LNG import deal with Qatar, Prime Minister Narendra Modi said on Monday.

Natural gas production worldwide is projected to increase from 342 billion cubic feet per day (Bcf/d) in 2015 to 554 Bcf/d by 2040.

U.S. oil production down 85 tbd, gas production down 373 mcfd.

Turkey wants to buy more natural gas from Iran and has discussed pricing issues, Foreign Minister Mevlut Cavusoglu said on Friday, adding that Ankara and Tehran should resolve a dispute on gas prices without arbitration.