For the full year of 2016 the RC loss was $999 million, compared with a loss of $5,162 million for the full year of 2015. Both periods were impacted by charges associated with the Deepwater Horizon accident and oil spill following the settlement of federal, state and local government claims in 2015 and additional provisions this year, when a reliable estimate for the remaining material liabilities was determined. After adjusting for a net charge for non-operating items of $2,828 million and net unfavourable fair value accounting effects of $756 million (both on a post-tax basis), underlying RC profit for the full year was $2,585 million, compared with $5,905 million for the same period in 2015, predominantly due to lower results in the Upstream and Downstream segments.

Despite a drive by the European Union to diversify gas supplies and reduce its reliance on Russian imports, Gazprom increased its market share in Europe to 34 percent last year from 31 percent in 2015, posing a challenge to policymakers.

"We urge the United States to respect the facts, speak and act cautiously to avoid harming the peace and stability of the South China Sea,"

Preliminary production figures for December 2016 show an average daily production of 2 094 000 barrels of oil, NGL and condensate, which is a decrease of 60 000 barrels per day (approx. 3 percent) compared to November.

Gazprom’s gas exports to Europe hit an all-time high for the gas industry in 2016, totaling 179.3 billion cubic meters. Compared to 2015, it is an increase of 12.5 per cent, or 19.9 billion cubic meters in absolute terms, which is commensurate with the volumes we delivered to the U.K. last year, namely 17.8 billion cubic meters.

The company has already made contractual changes that remove restrictions on reselling gas and that require Gazprom to forgo any advantage gained from making gas supplies conditional on acceptance of gas pipelines. These changes came about because of pressure from the commission and increased competition on the European energy market.

"We are also on track to hit this year an absolute record of annual gas exports, both of Soviet times and the history of modern Russia,"

Iraq is fully committed to delivering on OPEC’s Nov. 30 agreement to reduce supplies, Oil Minister Jabbar al-Luaibi said Thursday in Cairo at a meeting of the Organization of Arab Petroleum Exporting Countries, known as OAPEC.

Preliminary production figures for November 2016 show an average daily production of 2 153 000 barrels of oil, NGL and condensate, which is an increase of 37 000 barrels per day (approx. 2 percent) compared to October.

Gazprom has started to vary its marketing strategy by using a variety of methodologies, including selling gas via the traditional long term contracts, via auctions, via Gazprom Marketing & Trading and via Wingas (its 100% owned European utility). As a result it has gained flexibility (that was formerly in the hands of the European utilities) and can adapt much faster to market changes.