June 2015

The European Union last October reached an outline deal on three 2030 targets to cut emissions by at least 40 percent versus 1990, improve energy savings to at least 27 percent and to increase the share of renewable energy to 27 percent.

ConocoPhillips announced that is was withdrawing from shale gas exploration in Poland.

Oil & gas output from ultra-deepwater (>1,000m water depth) fields will continue the relentless growth seen in recent years. In the latest World Drilling & Production Forecast, Douglas-Westwood predict combined oil & gas production from such fields will grow 7.7% year-on-year over 2015-2021 from 6.5 mboe/d to 10.2 mboe/d.

If Greece withdraws from the Turkish Stream project, which is planned to transfer Russian natural gas to Europe via the Turkish-Greek border, the U.S. will expect the International Monetary Fund (IMF) to reward Greece

U.S. Rig Count is down 7 rigs from last week to 868, with oil rigs down 4 to 642, gas rigs down 3 to 222, and miscellaneous rigs unchanged at 4.

Russia will begin importing Iranian oil under a long-heralded oil-for-goods barter arrangement in the coming week, Iran's oil minister was quoted as saying, more than a year after negotiations began.

Compared with 2014, IHS expects investment capital in US shale oil plays to be 65% more efficient at the start of 2016 than the start of 2015 due to compounding productivity and cost cuts

The outlook in the Texas oil and gas sector remains negative as most companies expect low capital spending in 2016, the Dallas Federal Reserve said.

Slovakian Prime Minister Robert Fico met with Russian Prime Minister Dmitry Medvedev in Moscow and proposed a plan that would transfer gas from the Turkish border through Bulgaria, Romania, Hungary and Slovakia, thereby bypassing Greece.

Falling oil prices have resulted in much lower gas prices in many parts of the word. As a result, gas demand is enjoying the tailwind of substantial price drops while the upstream sector is suffering amid large capital expenditure cuts.