Russian energy firms are weathering low oil prices and will continue to increase output in the next few years even if Saudi Arabia raises production to depress prices further, one of Russia's fastest growing oil companies says.

China and Russia aren’t targeting a deal during the visit as the more than 50 percent slump in crude over the past year complicates talks

U.S. Rig Count is up 1 rig from last week to 885, with oil rigs up 2 to 674, gas rigs unchanged at 211, and miscellaneous rigs down 1 to 0.

PJSC LUKOIL closed a deal to sell its 50% share in Caspian Investments Resources Ltd. to China-based Sinopec. The required permits from the state authorities of the Republic of Kazakhstan were acquired in late July 2015.

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.

Russia boosted natural gas supplies to Germany by almost 50% in the second quarter as prices plunged, while the world’s largest natural gas exporter struggled with weaker demand from its former Soviet allies.

Bulgaria didn't quit the South Stream gas pipeline project, Energy Minister Temenuzhka Petkova has said.

During a visit to the West Qurna II oilfield in Basra, Prime Minister Haider al-Abadi reiterated his government’s commitment to ensuring the security of the southern oilfields and their workers. He met with senior management of the Russian operator Lukoil, following protests by locals demanding jobs.

ERIELL, an international oilfield service group, has signed a contract with LUKOIL Middle East for drilling of 25 producing wells at the West Qurna-2 field in Iraq.

Last month, the oil giant revealed it would cut about 950 jobs in Houston, plus 500 jobs at its San Ramon headquarters, 50 international jobs and 600 contractor jobs.