The immediate outlook for oil prices remains bleak, with some analysts like Goldman Sachs saying prices as low as $20 per barrel might be necessary to push enough production out of business and allow a rebalancing of the market.

The latest Reuters survey of 31 analysts showed an average price forecast for Brent for next year at $57.95 a barrel, more than $20 above current prompt market values.

"Our estimate for next year is around $40 per barrel when estimating budget revenues. At $40 per barrel there is an understanding about how to act. Measures and proposals have been prepared."

Mr. Novak said that the project could still be implemented if the European Commission develops corresponding infrastructure for natural gas transportation in Central and Eastern Europe,

“We see the market balancing some time in 2016. We see demand ultimately exceeding supply...Prices in due course will respond,” he said.

For oil and gas producers, 2016 will be a year of cost-cutting, restructuring, refinancing when it is possible, and in some cases bankruptcy when it is not. Merger and acquisition activity, which was sluggish this year because of disagreements over valuations, may pick up speed.

CNPC said the entire pipeline project is expected to be completed and operational by the end of 2018. Construction of the Chinese section began in June 2015, while construction of the Russian section began in September 2014.

Government ran a record deficit of nearly 367 billion Saudi riyals ($98 billion) this year, or about 15% of gross domestic product, as low oil prices suppressed revenue, pushing it to cut planned spending by 14% in 2016 amid expectations that income from oil sales will remain under pressure.

Egypt is obliged to pay for LNG shipments within 15 days of a shipment's unloading. Now the Egyptian authorities are looking to extend that timeframe. Egypt used to get financial support from the Gulf Cooperation Council (GCC) countries and probably will still get it. However, due to lower energy prices, the support now is more limited. Egypt buys six to eight LNG cargoes monthly, each worth $20-$25 million. It is now in arrears of $350 million for that energy, one source estimated.

“TAP is crucial in the diversification of gas sources in Europe through the development of the Southern Corridor from the Republic of Azerbaijan and potentially other countries,” said Carlo Malacarne, Snam’s chief executive officer.