German chemicals group BASF and Gazprom agreed to revive a deal that collapsed in late 2014 to swap gas assets that will see BASF exit gas trading and storage and the Russian energy giant expanding into Western Europe, BASF said on Friday.

Сегодня во Владивостоке в рамках Восточного экономического форума Председатель Правления ПАО «Газпром» Алексей Миллер, Председатель Правления BASF SE Курт Бок, член Правления E.ON SE Клаус Шефер, заместитель генерального директора ENGIE Пьер Шарейр, Председатель Правления OMV AG Райнер Зеле, Главный управляющий директор Royal Dutch Shell Бен ван Берден подписали Соглашение акционеров для создания газопроводной системы «Северный поток 2» для увеличения поставок природного газа в Европейский союз.

Rosneft and Indian ONGC Videsh Limited during the Eastern Economic Forum signed the agreement of sale and purchase of 15% in Vankorneft and shareholders agreement in regard of the enterprise management. The document was signed by the Chairman of Rosneft Management Board Igor Sechin and Managing Director of ONGC Videsh Limited Narendra Verma.

Oil prices fell more than 7 percent on concerns about global demand for petroleum, reversing a three-day rally that had pushed U.S. crude up 27.5 percent.

Although unrestricted exports of U.S. crude oil would leave global crude prices either unchanged or falling slightly compared to parallel cases that maintain current restrictions on crude oil exports, other factors affecting global supply and demand will largely determine whether global crude prices remain close to their current level, as in EIA's Low Oil Price case, or rise along a path closer to the Reference case trajectory. Global price drivers, as well as resource and technology outcomes, will affect growth in U.S. crude oil production regardless of decisions about future U.S. crude oil export policies.

German Ministry of Finance informed on 30 July that the Minister Wolfgang Schäuble would like to deprive the European Commission of part of its powers in two fields, namely antitrust proceedings and, currently particularly important for Germans, enforcing compliance with the budgetary discipline by the member states.

After winning a key platform construction contract from Statoil in June, Norway’s Kvaerner is reportedly working to enter into the LNG business with floating near-shore liquefaction barges designed for operations in the Arctic. Doing so, Kvaerner could increase its clout in Russia.

‘Magadanmorneftegaz, Lisyanskmorneftegaz (joint ventures of Rosneft and Statoil) and China Oilfield Services Limited (COSL) signed a contract to drill two exploration wells in 2016. The wells will be drilled in the Magadan-1 and Lisyansky areas of the Okhotsk Sea’ Rosneft wrote on Wednesday.

China, the world's second-biggest oil consumer, has already begun to loosen its grip on the physical oil sector this year by granting quotas for imported crude to privately-owned refiners for the first time, surprising market participants with the speed of reform.

ConocoPhillips said Tuesday that it plans to cut about 10 percent of its global workforce.