Total energy investment worldwide in 2016 was just over $1.7 trillion, accounting for 2.2% of global GDP. Investment was down by 12% compared to IEA’s revised 2015 energy investment estimate of $1.9 trillion.

“Saudi Aramco plans to invest more than $300 billion over the coming decade to reinforce our preeminent position in oil, maintain our spare oil production capacity and pursue a large exploration and production program centered on conventional and unconventional gas resources.”

The Indian consortium led by the state-owned Oil and Natural Gas Corporation (ONGC) is willing to spend as much as $11bn to develop the giant Iranian natural gas field it discovered in 2008.

South Korean companies announced plans to import more American shale gas and build new factories in the U.S. as the two countries' leaders prepare to hold summit talks in Washington where trade is expected to be a key issue.

China plans to invest 2.5 trillion yuan (US$368 billion) into renewable energy projects during the 2016-2020 period, creating more than 13 million jobs in the sector, according to the National Energy Administration.

BP and RIL partnered in 2011 when BP acquired 30% interest in multiple oil and gas blocks in India operated by RIL, including the producing Block KGD6. RIL currently operates KGD6 with 60% interest, while BP still holds 30% and Niko Resources Ltd. has the remaining 10%.

"It is worth taking the risk at $1 billion because it opens a huge market. We are perfectly conscious of some risks. We have taken into account (sanctions) snap-backs, we have to take into account regulation changes," Pouyanne said in an interview.

Looking at 2Q17, if we assume that April’s OPEC crude oil production level of 31.8 mb/d is maintained, and nothing changes elsewhere in the balance, there is an implied stock draw of 0.7 mb/d. Adopting the same scenario approach for the second half of 2017, the stock draws are likely to be even greater. Even if this turns out to be the case, stocks at the end of 2017 might not have fallen to the five-year average, suggesting that much work remains to be done in the second half of 2017 to drain them further. In addition to production cuts and steady demand growth, a major contribution to falling crude stocks in the next few months will be a ramp-up in global crude oil runs. Starting in March, refinery activity is building up and by July global crude throughputs will have increased by 2.7 mb/d.

Cooperation will focus on grid planning, fundamental research, policy coordination, project development and information sharing, according to the deals signed between GEIDCO and the UN Department of Economic and Social Affairs, the UN Economic and Social Commission for Asia and the Pacific, the African Union Commission, the League of Arab States and the grid management bureau with the Cooperation Council for the Arab States of the Gulf.

Investors cut their bullish bets on the oil price to the lowest level since OPEC reached a deal to cut output last year, amid continued doubts about the effectiveness of that agreement.