Schlumberger will spend about $1.7 billion for a minority stake in a big Russian energy company at a time when that country's relations with the West are under strain and as energy prices hit multiyear lows.

Russia plans to shift all its natural gas flows crossing Ukraine to a route via Turkey

The European Union could significantly scale back sanctions and resume discussions with Russia on issues ranging from visa-free travel; cooperation with the Moscow-led Eurasian Economic Union; and the crisis in Libya, Syria and Iraq; if Russian President Vladimir Putin moves to end the crisis in eastern Ukraine, according to an EU discussion paper.

Robust recovery in the United States, a moribund euro zone and slowing Chinese growth reflect global splits which plunging oil prices are likely to widen.

Energy security is a topic of growing concern to many EU countries and the Western Balkans, here defined as Albania, Bosnia and Herzegovina, Croatia, FYR Macedonia, Kosovo, Montenegro and Serbia, could play a role in improving that security through possible investment in liquefied natural gas (LNG) terminals and new gas pipelines.

The falling oil price is a huge shot in the arm. Nonetheless, it is clear that the ECB will have to do something. There is no growth and the debt burden is too high. The world will be flying on one engine, the U.S., for quite some time.

After last year’s plunges in oil and the ruble, Russian President Vladimir Putin now has another thing to worry about: the price of natural gas.

RWE is seeking to insert safeguards into a €5.1bn contract to sell North Sea gasfields to a Russian billionaire that would ensure the assets remain operational in the event of further sanctions.

SHALE GAS IN EUROPE: WE DON'T KNOW WHAT'S DOWN THERE

Russia's decision to redirect the South Stream pipeline toward Turkey came as a shock to many European nations. The European Union's attempts to bargain more concessions from Russians by being intractable on various technical aspects had the opposite effect. Those who pinned their hopes on the project as a source of energy stability were left puzzled and discontented. Although Moscow's move can be interpreted in many ways, it fits into Russia's larger strategy in contemporary international politics.