Currently the project is moving forward, as Moscow and Ankara have signed the MoU, approved the new pipeline route and agreed upon the 10.25% gas discount for Turkey. On the EU side there are many questions, including the one on infrastructure that would have to be in place to transport gas from the Turkish-Greek border, envisaged as the new pipeline’s gas delivery point.

Russian gas imports into Western Europe could rise to a record this summer as utilities increase purchases from Russia, taking advantage of lower prices for oil-indexed gas contracts, analysts said.

European gas prices started the summer season at a five-year low, signaling easing concern about disruptions to Russian supply and below-average reserves.

Monthly average crude oil prices continued to fall in January. The average domestic crude oil first purchase price declined $11.76 (21.4 percent), to $43.10 per barrel. The average free-on-board (f.o.b.) cost of imported crude oil dropped $9.77 (19.5 percent), to $40.29 per barrel. The average landed cost of foreign crude oil fell $11.26 (20.5 percent), to $43.75 per barrel.

Preliminary dry gas production for January 2015 was 2,287 billion cubic feet (Bcf), or 73.8 Bcf/day, down from last month's record high of 74.8 Bcf/day. January's production was a 6 Bcf/day increase from 67.8 Bcf/day in January 2014, an 8.8% rise from year to year.

India cut the price of locally-produced natural gas by 8% for six months beginning Wednesday as global energy costs slump.

Chevron abandoned Australian shale exploration and said it will sell its 50% stake in that nation’s largest oil refiner. Chevron notified Beach Energy, its partner in the central Australian shale project, that “the opportunity does not align strategically” with the US explorer’s portfolio, according to a statement from Beach. Selling its half of refiner Caltex Australia is expected to yield about A$4.7 billion ($3.7 billion.)

LITASCO SA, the exclusive international marketing and trading company of OAO LUKOIL, together with its Joint Venture partner Burando Maritime Services, a leading maritime services provider in the Amsterdam-Rotterdam-Antwerp region have entered into an agreement to sell 100% of their respective shares of Service Terminal Rotterdam v.o.f. (“STR”) to iCON Infrastructure Partners II, L.P.. The transaction was entered into following two months of exclusive discussions and is expected to close at the end of April 2015.

The decline in crude oil prices since last summer has had a direct impact on oil producers' sales revenue, but hedging strategies have lessened the effects of lower prices on some producers' total revenue. Oil producers who adopt hedging strategies can reduce their price risk and generate smoother financial outcomes in unstable markets. A common hedging practice is to sell futures and swaps to lock in desired prices for future production, a practice that can shield producers' revenue from decreasing prices.

Iraq boosted crude shipments in March to the highest level in more than three decades, adding to a global supply glut that has helped push down oil prices by 46% in the last year.