RN-Aero (Rosneft subsidiary) has signed a cooperation agreement with the leading Jet Fuel supplier Shell Aviation.

BP Plc is in talks to buy a direct stake in an East Siberian oil producer from OAO Rosneft, the Russian oil producer facing U.S. and European financing bans, according to a person with direct knowledge of the matter.

The Availability and Price of Petroleum and Petroleum Products Produced in Countries Other Than Iran

EIA estimates that members of the Organization of the Petroleum Exporting Countries (OPEC), excluding Iran, will earn about $700 billion in revenue from net oil exports in 2014, a 14% decrease from 2013 earnings and the lowest earnings for the group since 2010. OPEC earnings declined in 2014 largely for two reasons: decreases in the amount of OPEC oil exports and lower oil prices, with the 2014 average for Brent crude oil projected to be 8% below the average 2013 price.

Saudi Arabia and OPEC would find it “difficult, if not impossible” to give up market share by cutting crude production, the country’s oil minister said.

U.S. oil drillers pulled rigs this week as crude traded below $60 a barrel for the seventh straight day.

Crude prices surged from the lowest closing levels since May 2009 as comments from Saudi Arabia’s oil minister yesterday added to the most volatile market in three years.

The main outcome of Putin’s visit to Turkey was the announcement that the $40 billion South Stream gas pipeline project would be cancelled. The effects of this cancellation on Russia and Turkey differ, even though the project was interpreted as a rapprochement of their strategic visions.

Over and over again, they keep insisting on their Third Energy Package, which the Russian leaders refer to as ‘a very harmful document’, and want Gazprom to unbundle its gas supplying, transporting and marketing businesses; share pipeline space with other gas producers; obey independent regulators and transmission operators; and drop manipulations with prices.

Shale gas was supposed to be Ukraine’s ticket to greater energy independence from Russia. Chevron Corp. (CVX)’s decision to pull the plug has smashed those hopes.