Brent LCOc1, the global benchmark, was at $37.74 at 0440 GMT, down 18 cents from its last settlement after rising slightly earlier on Tuesday.

Международное рейтинговое агентство Moody's ухудшило свой прогноз по цене нефти марки Brent в 2016 году до 43 долларов за баррель с ожидавшихся ранее 53 долларов за баррель в связи с тем, что высокий уровень добычи нефти значительно превысил рост ее потребления.

The situation is complicated further by ISIS operating largely on a cash basis, making it difficult to impose sanctions, the witnesses said. Financial pressure could be applied on entities and governments in adjacent countries that do business with the group.

Natural-gas prices plunged to a 14-year low, as the warmest start to winter on record in the U.S. saps demand for the heating fuel and deals another blow to struggling energy companies.

Turkmenistan on Sunday began building its segment of a natural gas pipeline to Afghanistan, Pakistan and India (TAPI), a $10 billion project designed to ease its dependence on Russia and China.

Shell is consulting experts and commercial partners about what to do with the reinforced concrete base structures, each of which rises 160m from the seabed and weighs about 300,000 tonnes. The low oil price has put companies under pressure to shut facilities as cheaply as possible.

Royal Dutch Shell Plc said it would cut about 2,800 jobs to meet a pledge of reducing operating costs by $3.5 billion following its takeover of BG Group Plc.

By 2035 global energy consumption increases by 37% from today’s levels with virtually all (96%) the growth in non-OECD countries and more than half coming from India and China.

Iran has agreed a $3 billion contract with a consortium of Indian companies to develop the Farzad B gas field in the Persian Gulf, according to the Mehr news agency. The managing director of ONGC Videsh, the Indian company heading the partnership, said they had not yet been notified about the development.

Of Mr. Albayrak, Aaron Stein offers, “I think you have a new Turkish Energy Minister who is very close to Erdogan, speaks for Erdogan, coming into the cabinet, who may take a very hard line on Turkey's push to decrease the cost of the country's gas import bill, from Iran and Russia.”