The head of oil in Saudi Arabia reaffirmed the country's commitment to supplying oil resources to meet increasing demand in Asia, Reuters reported. Oil Minister Ali al-Naimi recently visited China and said that oil demand in Asia is still strong, citing the increasing need for energy as the middle class grows.

Large quantities of shale gas, tight gas and coalbed methane are being discovered and extracted in the vast Western Canadian Sedimentary Basin (WCSB), which covers southwestern Manitoba, southern Saskatchewan, Alberta (AB), northeastern British Columbia (BC) and the southwest corner of the Northwest Territories.

Imports from the European Union (EU) will drop because Russian gas is now competitive, according to state-run NAK Naftogaz Ukrainy. Flows from Slovakia, the EU’s biggest supplier to Ukraine, may fall by a quarter from May, Tomas Marecek, the chairman of Slovak grid operator Eustream, said.

Russian oil and gas condensate production, among the world's largest, remained at a post-Soviet record level of 10.71 million barrels per day in April, underpinned by a recent recovery in oil prices, Energy Ministry data showed on Saturday.

Russia’s gas giant Gazprom is ready to launch gas supplies to China via the so-called eastern corridor within 4 years, Deputy Chairman of Management Committee Alexander Medvedev said Wednesday.

Russian natural gas accounts for roughly a third of all foreign supplied natural gas coming into Europe. Russia’s biggest partner is Germany. In that state, Russia’s presence is on the upswing.

U.S. economic growth braked more sharply than expected in the first quarter as harsh weather dampened consumer spending and energy companies struggling with low prices slashed spending, but there are signs activity is picking up.

BP suffered a sharp slide in first-quarter profits, hit by the plunge in crude prices that has battered revenues across the oil industry.

OAO Gazprom issued its audited consolidated financial statements prepared in accordance with International Financial Reporting Standards for the year ended December 31, 2014.

Despite challenging oil and gas prices in the quarter, Statoil (OSE:STL, NYSE:STO) delivered Adjusted earnings of NOK 22.9 billion and NOK 7.0 billion after tax. Statoil reports a negative IFRS Net income of NOK 35.4 billion due to impairments.