Iran will ramp up crude oil production and reclaim its lost share of exports shortly after international sanctions on the OPEC member are lifted, Iran's oil minister Bijan Zanganeh said on Tuesday.

Moody’s Investors Service on Monday cut the credit rating of Canadian Oil Sands Ltd. to one notch above speculative grade, citing the oil-sands producer’s “elevated leverage” as a result of lower crude oil prices.

Iraq has paid foreign oil companies $9 billion in remaining arrears for 2014 and was paying outstanding fees for 2015 in stages until the beginning of next year, its oil minister said.

The Russian government has decided not to fund four out of five Rosneft projects for which the oil company had requested financing from the sovereign wealth fund, the economy minister said on Monday.

US crude prices plunged below $40 a barrel for the first time since the financial crisis on Friday, amid increasing signs the year long oil rout still has further to run.

Chevron has started to eliminate jobs at its Covington office as part of global layoffs sparked by low oil and gas prices prices. The company has not disclosed how deep the cuts will be.

Plunging oil prices have substantially reduced Saudi revenues. With Brent prices averaging roughly $100 per barrel in 2014, Saudi oil exports of 6.31 million barrels per day would have generated roughly $631 million in revenues daily. In the first quarter, with Brent prices averaging $53.92, the same output would have generated roughly $340 million daily, $291 million less per day than oil at $100 per barrel.

Global oil demand in 2015 is expected to grow by 1.6 mb/d, up 0.2 mb/d from our previous Report and the fastest pace in five years, as economic growth solidifies and consumers respond to lower oil prices. Persistent macro-economic strength supports above-trend growth of 1.4 mb/d in 2016.

On July 14, the P5+1 (the five permanent members of the United Nations Security Council and Germany) and Iran announced an agreement that could result in relief from United States and European Union nuclear-related sanctions (which include some oil-related sanctions). If the agreement is implemented and sanctions relief occurs, it will put additional Iranian oil supplies on a global market that has already seen oil inventories rise significantly over the past year.

Net profit for the reporting period attributable to the shareholders of Gazprom Neft rose by 28.3% year-on-year to 112.4 RUB bln.