The oil and gas industry will cut $1 trillion from planned spending on exploration and development because of the slump in prices, leading to slower growth in production.

We need tax policies that encourage investment in America’s abundant energy resources. It is because of our industry’s investments that the U.S. is the number one producer of oil and natural gas in the world while leading other countries in lowering carbon and other emissions. The industry also invests billions in low- and zero-emissions technologies to continue to drive down greenhouse gas emissions. This model has proven that we can protect the environment, grow our economy, and save consumers on average $1300 in energy costs per year.

Venezuela has borrowed over $50 billion from China under the financing arrangement created by late socialist leader Hugo Chavez in 2007, in which a portion of its crude and fuel sales to the world's second-biggest economy are used to pay down loans.

Iran is regaining market share at a faster pace than analysts had projected since sanctions were lifted in January, helped by securing more tankers through a temporary shipping insurance fix.

U.S. oil production down 118 tbd, natural gas production down 476 mcfd.

PetroChina Co., the nation’s biggest producer, said in March it expects oil and gas output to fall the first time in 17 years as it shuts fields that have “no hope” of turning a profit, while Cnooc Ltd. sees output slipping as much as 5.2 percent this year.

The decline of 120,000 barrels a day, to 2.37 million barrels a day, underscores the inability of state energy company Petróleos de Venezuela SA to maintain oil-industry investments, as the region’s largest petroleum exporter suffers from a debilitating cash crunch, widespread food shortages and civil unrest.

The Indonesian government has proposed to the parliament revising down the country's 2016 crude oil production target by 2.4% to 810,000 b/d, from the initial target of 830,000 b/d, as some producers had reduced their output levels due to lower global prices,

“South Africa’s oil refineries are not ready and will not be ready to produce Euro 4 standard fuel, let alone Euro 6, which the world is moving to by 2017 or 2020 in preparation for the introduction of more fuel-efficient vehicles,” he said in an opinion piece in Johannesburg-based Business Report newspaper Tuesday. “Our present crude-oil stocks are suitable for producing products of lower specifications, which means we need to stockpile higher-quality grades of crude oil.”

US crude oil production in March averaged 9.127 million b/d, down from 9.133 million b/d in February and 9.648 million b/d in March 2015.