Britain's North Sea oil and gas sector has shed more than 5,000 jobs since late last year, the country's new Oil and Gas Authority said on Monday, putting an official figure on job losses resulting from a year-long decline in oil prices.

Energy companies have been hurt by the swoon in crude prices this year, but Canadian Oil Sands is among the worst performing. The company’s stock has lost almost 40% of its value so far this year, compared with a 22% decline in the Toronto Stock Exchange energy index.

Due to actual investments in production the volumes are still being added to the market, but the current cuts are starting to have an affect. In the next years the ongoing programs of investment shrinking - primarily from the transnational corporations - will certainly have their effect. As for now, the implementation of their long-term investment programs that started even before the current crisis has expressed in some production growth. But in 2014, the oil majors claimed to reduce the investment in production; in 2015, additional reductions by 10-20% and more were announced by such majors as BP, Shell, Chevron, Total. Overall cutback in global upstream investment was about $140 bln, and it is expected to reach $200-250 bln by 2016 year-end. Within 2-3 years, this will inevitably influence on the production and will have a long-term negative effect.

Oil declined for a second day after another Russian official ruled out cooperation on production cuts with OPEC, adding to signs that a global oversupply will persist.

Amidst the gloomy days of August when Brent Crude bottomed out at $42/bbl, the acquisition of Cameron by Schlumberger ($14.8 billion) took place as one of the largest mergers in the oil patch, following the tie-up of Halliburton and Baker Hughes ($32 billion) in November 2014. This consolidation has resulted in an integrated service & equipment provider covering the full oil & gas lifecycle from reservoir to first flow.

On measures including cash flow, profit margins and share prices, OAO Rosneft, Lukoil PJSC-- Russia’s two largest oil producers -- and OAO Gazprom Neft are performing better than Royal Dutch Shell Plc, BP Plc or Exxon Mobil Corp.

U.S. crude-oil futures remained in negative territory Tuesday in Asian trade, tracking the previous day’s drop in Brent crude when U.S. markets were shut for a holiday.

Saudi Aramco, the kingdom's state oil giant, is talking to banks about raising a $5 billion loan related to a refinery it built in collaboration with China's Sinopec.

The deal with BASF gives Gazprom full control of a jointly operated European gas trading and storage business, the main strategic rationale.

The Turkish Stream project is a Russian proposal which will transport Russian gas to Europe while bypassing Ukraine. The project is planned to carry 63 billion cubic meters of natural gas to Europe via the Turkish-Greek border. Turkey is due to receive 15.75 billion cubic meters out of the total capacity of the pipeline.