Crude oil prices will be mostly unchanged in the second half of 2015 and rise slowly in 2016

The Kingdom of Saudi Arabia may suffer a financial crisis before winning the economic oil war with the United States if the oil prices remain at its current level. The Kingdom needs the oil price to be around $106 per barrel to maintain its economy.

TESCO reported a net loss of $27.5 million, or $(0.71) per diluted share, for the second quarter ended June 30, 2015. Excluding certain special items, consisting of a valuation allowance on Canadian deferred tax assets, restructuring costs, specific warranty reserves for new products, certain foreign currency losses and specific bad debt expense related to an international customer, TESCO reported an adjusted net loss for the quarter of $8.0 million, or $(0.21) per diluted share. This compares to a net loss of $8.3 million, or $(0.21) per diluted share, in the first quarter of 2015, and net income of $12.7 million, or $0.31 per diluted share, for the second quarter of 2014. Adjusted net loss in the first quarter of 2015 was $3.3 million, or $(0.08) per diluted share, and in the second quarter of 2014 was $11.9 million, or $0.29 per diluted share.

On Aug. 3, US crude prices fell to $45 a barrel. In July, the average price was $60 a barrel. Banks are starting to tighten up their lending standards, further draining liquidity out of the market.

Seven months after Russia made the latest changes to its oil tax regime, the industry seems to have been able to adapt more easily to the new landscape than had been expected at the turn of the year. However, market experts have warned that the government must consider more fiscal reforms as the current system is continuing to distort the sector. The so-called tax maneuver, which includes a phased reduction in export duty for crude and oil products over 2015-2017 and an increase in oil extraction tax, was introduced in January.

Nabors Industries Ltd. ("Nabors")(NYSE: NBR)today reported second-quarter revenue and earnings from unconsolidated affiliates of $862 million, compared to $1.42 billion in the first quarter of 2015, and $1.62 billion in the second quarter of last year. The comparable quarters included $367 million and $535 million respectively, in revenue from Completion and Production Services, a business line that merged with C&J Energy Services on March 24, 2015. Beginning in the second quarter, Nabors' results reflect equity-method accounting for this investment on a quarter-lag basis.

On a reported basis, due to a non-cash, full-cost ceiling charge, Devon had a net loss of $2.8 billion, or $6.94 per diluted share, for the second-quarter 2015. This compares with second-quarter 2014 reported net earnings of $675 million, or $1.64 per diluted share.

Gazprom's gas prices are pegged to oil with a six-month lag, which means its customers are currently paying the equivalent of $45-$50 per barrel seen in January 2015 when oil prices crashed following a decision by OPEC not to reduce output.

Russia's economy is showing signs of stabilisation after slumping under pressure from Western financial sanctions and Russian counter-measures. Low international prices for its oil exports have added to pressure on the rouble and government finances.

BP’s second-quarter replacement cost (RC) loss was $6,266 million, compared with a profit of $3,182 million a year ago.