China’s falling oil output and sliding U.S. production may help rebalance a market struggling to recover from the worst price crash in a generation

Gazprom reported the average production cost of natural gas in 2015 at ₽1643 per 1000 cubic meters (mcm) or $27.09/mcm or $0.84/MMBtu. The corresponding numbers for 2014 are ₽1470/mcm, $38.73/mcm and $1.21/MMBtu. The cost in US dollars is affected by the devaluation of Russian ruble. The average US dollar rate in 2015 was ₽60.66 compared with ₽37.97 in 2014.

Revenue for the first quarter of 2016 was $1.59 billion compared with $2.01 billion in the fourth quarter of 2015 and $2.79 billion in the first quarter of 2015. First quarter revenues declined 21% sequentially and 43% from the prior year. The sequential decline was 22% in North America and 21% for International operations. Product sales declined 30% sequentially, while service and rental revenue decreased by 16%. The product sales decline was as much seasonal as cyclical and most impacted the Eastern Hemisphere.

The reality is that the Kremlin is always likely to be heavily involved in the Russian oil industry. That creates the concern that the proposals might be structured to try to achieve higher prices, which is not consistent with efficient price discovery.

BP’s own forecast shows global energy demand rising one-third higher by 2035 than it is today, which would be like adding the total combined energy demand of the US, the European Union, and Japan. And it’s BP’s expectation that more than half of this demand will be met by oil and gas by 2035.

During the period, the unaudited oil and gas sales revenue of the Company reached approximately RMB24.64 billion, representing a decrease of 30.7% YoY, mainly due to the sharp decrease in international oil prices. The Company’s average realized oil price decreased 39.1% YoY to US$32.54 per barrel while the average realized gas price was US$5.69 per thousand cubic feet, down 14.8% YoY.

Exxon Mobil Corporation (NYSE:XOM) announced estimated first quarter 2016 earnings of $1.8 billion, or $0.43 per diluted share, compared with $4.9 billion a year earlier. The impacts of sharply lower commodity prices and weaker refining margins were partly offset by strong Chemical results.

ConocoPhillips (NYSE: COP) reported a first-quarter 2016 net loss of $1.5 billion, or ($1.18) per share, compared with first-quarter 2015 earnings of $272 million, or $0.22 per share. Excluding special items, first-quarter 2016 adjusted earnings were a net loss of $1.2 billion, or ($0.95) per share, compared with a first-quarter 2015 adjusted net loss of $222 million, or ($0.18) per share.

San Ramon, Calif., April 29, 2016 – Chevron Corporation (NYSE: CVX) reported a loss of $725 million ($0.39 per share – diluted) for first quarter 2016, compared with earnings of $2.6 billion ($1.37 per share – diluted) in the 2015 first quarter. Foreign currency effects decreased earnings in the 2016 quarter by $319 million, compared with an increase of $580 million a year earlier. Sales and other operating revenues in first quarter 2016 were $23 billion, compared to $32 billion in the year-ago period.

Seadrill generated EBITDA of $513 million for the fourth quarter 2015 Current order backlog of $5.1 billion $10.7 billion for Seadrill Group