Turkey is Gazprom's second biggest export market after Germany. In 2015 Gazprom exported about 27bn m3 of gas to Turkey. Currently Russian gas is exported to Turkey via the Blue Stream gas pipeline and the Trans Balkan gas pipeline.

“Higher oil demand is expected in the 3rd and 4th Quarters”, HE Dr Mohammed Bin Saleh Al-Sada, Qatar’s Minister of Energy and Industry and current OPEC President said, expressing positive sentiments in a brief released from OPEC.

"Our portfolio continues to perform exceptionally well, and we've continued to significantly reduce our cost structure throughout the year," said Al Walker, Anadarko Chairman, President and CEO.

Global consumption of petroleum and other liquid fuels is estimated to have grown by 1.4 million b/d in 2015. EIA expects global consumption of petroleum and other liquid fuels to increase by 1.4 million b/d in 2016 and by 1.5 million b/d in 2017, mostly driven by growth in countries outside of the Organization for Economic Cooperation and Development (OECD). Non-OECD consumption growth was an estimated 1.0 million b/d in 2015, and it is expected to be 1.3 million b/d in 2016 and 1.5 million b/d in 2017.

"Turkey needs to diversify its imported energy resources. Turkey's approach to Russia will bear fruit in early October. The feasibility of the Turk Stream natural gas pipeline project, which Putin proposed in late 2014, may begin later this year. If all things go smoothly, we may see the Russian molecules in early 2019 via a new pipeline,"

BP’s energy outlook this year foresees a compound annual growth rate of gas demand at 1.8% until 2035. In the OECD, this growth results from the coal-to-gas transition in power generation. The US major ExxonMobil supports this view, forecasting gas will account for 30% of the power sector and will equal coal by 2040.

Supply and demand for oil are coming back into balance, and the response of shale producers to rising prices will help determine how high crude can go, Christof Ruehl, the global head of research at Abu Dhabi Investment Authority, said Wednesday in an interview in Dubai. Ruehl’s view that the re-balancing will take until at least the middle of 2017 contrasts with the more optimistic outlook of some industry leaders and analysts who foresee demand nearing supply by the end of this year.

“Now is our chance, and we have a window of three or four years to act,” before the balance of supply and demand might change, said Ken Koyama, a managing director and senior economist at Japan’s Institute of Energy Economics, which advises the Japanese government on energy policy.

Crude oil prices rallied to a 2016 high above $51/bbl in June, stoked by continuing outages in Nigeria and Canada as well as a steady decline in US oil production. May marked the third straight month of average price rises in Brent and WTI futures.

Iran is regaining market share at a faster pace than analysts had projected since sanctions were lifted in January, helped by securing more tankers through a temporary shipping insurance fix.