The most significant development on the supply side in 2014 was undoubtedly the continuing revolution in US shale. The US recorded the largest increase in oil production in the world, becoming the first country ever to increase average annual production by at least 1 million barrels per day for three consecutive years.

OAO Novatek announced Thursday that Novatek Gas & Power, a wholly owned trading subsidiary of Novatek, has signed a long-term contract with Shell International Trading Middle East for the supply of LNG from the Yamal LNG project.

The European Union last October reached an outline deal on three 2030 targets to cut emissions by at least 40 percent versus 1990, improve energy savings to at least 27 percent and to increase the share of renewable energy to 27 percent.

If Greece withdraws from the Turkish Stream project, which is planned to transfer Russian natural gas to Europe via the Turkish-Greek border, the U.S. will expect the International Monetary Fund (IMF) to reward Greece

Russia will begin importing Iranian oil under a long-heralded oil-for-goods barter arrangement in the coming week, Iran's oil minister was quoted as saying, more than a year after negotiations began.

Russia is still likely to be Europe's biggest supplier of gas. Volume-wise, no one will be able to compete with Russia in Europe, at least for the next two decades.

The volume of gas supply via the western route might be boosted to 60 and to 100 billion cubic meters of gas a year.

Wintershall will continue investing in its core regions, with Russia remaining the most important area for the company.

China started construction last week of a pipeline to receive Russian gas, Russian state gas company Gazprom said on Tuesday.

Greece expected to sign a memorandum on Turkish Stream during the St. Petersburg International Economic Forum, which will be held June 18-20.