Brent crude oil prices are forecast to average $41/b in 2016 and $51/b in 2017.

Rising incomes in China, India, and other emerging Asia economies are a key driver of the global energy outlook. Developing Asia accounts for more than half of the projected increase in global energy use through 2040. This increase will have a profound effect on the development of world energy markets. Clean energy technologies play an important role in the outlook, with renewables expected to be the fastest-growing energy source.

Japan is aiming to become an international LNG trading hub by the early 2020s, opening access to receiving terminals and beefing up large-scale storage facilities.

Azerbaijan can boost annual gas exports to 50bn m3 by 2050, deputy energy minister Natig Abbasov said recently.

Nigeria's oil output fell close to a 22-year low this month due to attacks on oil pipelines in the southern Niger Delta, home to much of the country's oil and gas wealth, compounding the impact of low oil prices on Africa's largest economy.

Tesco Corporation Reports First Quarter 2016 Results: - Revenues declined to $35.5 million as a result of challenging market conditions - Cash increased $2.4 million during the quarter, ending at $53.9 million with no debt - Adjusted EBITDA was $(7.8) million, or (22)% of revenue - Reported diluted EPS was a loss of $1.45 and adjusted EPS was a loss of $0.46, after $0.99 in charges - Restructuring programs since Q4 2014 expected to yield $60 million of annualized savings

Internal differences are killing OPEC and its ability to influence the markets has all but evaporated, top Russian oil executive Igor Sechin told Reuters in some of his harshest remarks ever about the oil cartel.

After jumping more than 2% as the markets opened with Asian trading Sunday night, both major contracts fell as reports emerged that the threat from the fires was diminishing, at least for the moment.

The June crude oil contract on the New York Mercantile Exchange climbed 34¢ to settle at $44.66/bbl, and the July contract gained 41¢ to $45.32/bbl. The NYMEX natural gas contract for June gained 2.5¢ to $2.10/MMbtu. The Henry Hub price was $1.84/MMbtu, down 20¢.

Saudi Arabia, the world’s biggest oil exporter, plans “significant growth” in output in 2016 and further international expansion, the head of the country’s state-run producer said, even as global oversupply contributed to a drop in crude prices from a year ago.