Russia's Gazprom put 2015 investments at $18 bln

West Texas Intermediate and Brent oils increased after U.S. employment gains exceeded 200,000 for a ninth month and the jobless rate dropped to a six-year low, bolstering the fuel demand outlook.

Saudi Arabian Oil Co. lowered the cost of its crude to the U.S., where production is the highest in three decades, deepening a selloff that sent prices to the lowest in more two years.

Liberalization of the Russia gas sector, which has remained the domain of state-controlled Gazprom that has enjoyed export and transit monopoly since the collapse of the USSR, has been discussed for at least a couple of years.

Oil prices are in free fall this morning after it emerged that Saudi Arabia, the world's largest exporter, had slashed its contract price for its US customers in a further sign of an escalating war for control of global energy markets.

Russian oil and gas production hasn't been affected by Western sanctions

The standoff between Russia and the West over Ukraine has increased Europe's quest for alternative suppliers of oil and gas and Canada's exports to Europe have already started to pick up in the last few months.

A Bad Gas Deal For Ukraine As Europe Looks After Its Own Interests

Russia is set to remain a central player of the European gas industry, as an eventual deal between Kiev and Moscow is not a precondition of strong ties between the European Union and the Kremlin. This is was a view emerging from the first day of the European Autumn Gas Conference.

British wholesale gas prices for the rest of this year fell on Friday after Ukraine and Russia signed a deal which will see Moscow resume supplies of gas over the winter.