2015

Oil extended losses below $50 a barrel amid speculation that U.S. crude inventories will expand, exacerbating a global supply glut that’s driven prices to the lowest level since April 2009.

Oil supplies in Iraq and Russia surged to the highest level in decades, signaling no respite in early 2015 from the glut that has pushed crude prices to their lowest in five years.

Oil & Natural Gas Corp. (ONGC), India’s biggest energy explorer, is banking on the world’s largest shale oil reserves to save its Russian acquisition. Stumbling blocks include oil prices at a five-year low and U.S. sanctions.

Oil price crash claims first U.S. LNG project casualty

Russia announced state aid for a major energy project on Wednesday under a drive to shore up strategic firms as well as public faith in its banking system during an economic crisis deepened by Western sanctions.

Russian-Chinese energy partnership gaining momentum

Turkish Ambassador to Russia noted that energy cooperation with Russia was strategically important for Turkey, stressing that the sides are discussing potential routes for a new Black Sea gas pipeline.

RWE is seeking to insert safeguards into a €5.1bn contract to sell North Sea gasfields to a Russian billionaire that would ensure the assets remain operational in the event of further sanctions.

Dubai Shares Lead Gulf Declines as Oil Rout Extends Into 2015

Despite lower crude oil prices, U.S. crude oil production expected to grow in 2015