Low oil prices have tightened the screws on some of the most depleted and costly oilfields in Britain's North Sea, forcing operators to cease production earlier than planned and adding to fears of a domino effect in mature areas.

“It’s a serious problem not just for the United States but for the whole world economy. Debt exceeds gross domestic product there.”

Massive oversupply is likely to push oil prices down even further, the International Energy Agency (IEA) said on Friday, adding that the rebalancing of the market was likely to last well into 2016.

Rosneft Chairman of the Management Board and Essar Group Founder Shashi Ruia signed a long-term contract for oil supplies for the purpose of refining at the Vadinar refinery (India).

Technip will reduce its global workforce by 6,000 employees and accelerate cost reduction and efficiency in “anticipation of an even more challenging environment in oil and gas.”

North Sea Brent crude oil prices averaged $61/barrel (b) in June, a $3/b decrease from May. Crude oil prices fell by about $4/b on July 6 in the aftermath of the "no" vote in Greece on the economic program, as well as lingering concerns about lower economic growth in China, higher oil exports from Iran, and continuing growth in global petroleum and other liquids inventories.

Russia has been hit by lower oil prices and by Western sanctions over its role in the Ukraine crisis. Its rouble currency fell sharply against the dollar in 2014 and has yet to recover.

Shale output in the United States will prove resilient to low oil prices likely to be prolonged by the prospect of half a million barrels per day of Iranian crude making its way back to the market.

Greece moving down oil prices. Oil prices fell on Monday, with U.S. crude dipping below $59 per barrel to an almost three-week low, after Greece imposed capital controls as lenders refused to extend the country's bailout.

Natural gas faces growing competition from coal and renewable energy sources at a time when its potential demand growth is slowing down, an International Energy Agency official said. “The last large contracts for [LNG] were signed in 2014 just before oil prices collapsed. We believe it is still competitive, but there are risks,” said Laszlo Varro, who heads IEA’s gas, coal and power markets division.