The rebound in oil prices has wide-reaching implications. For one, it certainly affects the situation in Russia and the Ukraine. As the price of oil stabilizes, the Russian government has become more comfortable with its fiscal situation, despite the fact that low oil prices and Western sanctions have sunk the country into a recession that will likely last through next year.

The cutbacks by energy companies likely contributed to a drop in the production of industrial machinery, which fell 0.9 percent, its second straight decline. The strong dollar also likely held back machinery sales, because it makes goods more expensive overseas. Companies like Caterpillar are exporting fewer trucks, bulldozers and other industrial machines.

Europe’s oil capital is a victim of the sharp drop in oil prices since last year

U.S. Rig Count is down 6 rigs from last week to 888, with oil rigs down 8 to 660, gas rigs up 2 to 223, and miscellaneous rigs unchanged at 5.

Naftogaz's role is the creation of an efficient gas market in Ukraine.

Venezuela is pushing for a new agreement between OPEC and non-OPEC nations to stabilize oil prices, President Nicolas Maduro said on Friday, in the most serious indication yet of a renewed drive to boost prices back to $100 per barrel.

May 17 State-owned Qatar Petroleum will announce a restructuring plan in the coming months to adapt to the drop in oil prices, the head of its wholly owned international subsidiary said.

As Saudi Arabia pumps more and more crude, creating a glut in global supplies, US producers recently have begun to curtail oil production as prices plummeted. The cost of production for US shale producers is significantly higher than for conventional production in Saudi Arabia and in other OPEC countries, which gives those producers an advantage at a time of sagging oil prices.

Saudi Arabia strategy was an attempt to put pressure on high-cost producers such as the US shale drillers.

The U.S. Department of Energy has advised American companies not to allow Chinese companies to invest in U.S. liquefied natural gas export projects, the head of one such venture told Reuters on Thursday.