Weatherford achieved a new world record by landing a 1,180-ton (2,360,700-lb) casing string at a total depth of 26,805 ft (8,170 m). The job was performed on a deepwater rig in the Gulf of Mexico this fall.

U.S. Rig Count is down 9 rigs from last week to 700, with oil rigs down 3 to 538, and gas rigs down 6 to 162.

The US Federal Reserve subjects banks with at least $50bn in assets, including the US arms of foreign banks, to an annual stress test, that is designed to ensure they could keep trading through a deep recession and a big shock to the financial system.

Organization of the Petroleum Exporting Countries said it expects the price of its basket of crudes to rise to $70 a barrel in 2020 and $95 a barrel in 2040, compared with​$30.74 a barrel on Monday.

OPEC assumes that prices will rise to average $80 a barrel in nominal terms in 2020, and $70.70 in real terms. Last year it had anticipated nominal prices of $110 and real levels of $95.40. That means the value of the group’s output in 2020 would be $218 billion less than estimated a year ago, when it first embarked on the policy to protect market share.

Global energy demand is set to increase by almost 50% in the period to 2040, with the overall energy mix continuing to be led by fossil fuels at almost 78%

In 2015, Gazprom increased market share in Europe and Turkey by one percentage point, from 30.2% to 31.2%,

Russian Economy Minister Alexei Ulyukayev put it more bluntly, telling reporters in Brussels that blocking Nord Stream-2 would be "a shot in the foot" especially for Gazprom's European clients.

Since March 2014, Iran has increased its gas output by 200 million cubic meters per day. The managing director of the National Iranian Oil Company has said that by boosting 100 million cubic meters per day of gas in the current year, Iran is ready to outpace Qatar, because seven phases of the South Pars will come on stream this year.

The $2.5 billion East-West pipeline connects Galkynysh and other fields in the east of the country to its Caspian coast, from where a proposed Trans-Caspian link could deliver gas to Azerbaijan and then to Europe.