The International Energy Agency estimates that over $25 trillion of investment will be needed in oil and gas supply alone from 2015 to 2040. So the long-term investment case for oil and gas remains strong, despite the fall in oil prices over the last 18 months. The concern is that prices seen in late 2015 and early 2016 may be too low to spur investment in projects that are needed to ensure long-term supplies. Without sufficient investment, the risk of demand exceeding supply will increase.

At low oil prices, customer choice rather than strategic Russian decision-making would allow Russia to retain over 30% of the roughly 490bn m³/yr European market and threaten US LNG export volumes.

U.S. monthly crude oil production in December 2015 continued to decline, as oil production reached its lowest level since November 2014. Production also declined from year-ago levels for the first time in more than four years. This continued production decline is the result of lower crude prices, which have declined more than 70% since the summer of 2014.

Brent futures gained 40 cents to $37.47 a barrel as of 1519 GMT (10:19 a.m. EST), after settling 14 cents higher in the previous session. The crude benchmark is set to end the week with a gain of more than 5 percent.

The United States is currently a net importer of natural gas, and gross imports represented nearly 10% of total supply in 2015, based on data through November. The United States imported 7.5 billion cubic feet per day (Bcf/d) of natural gas, mostly from Canada by pipeline, and exported 4.8 Bcf/d, mostly to Mexico by pipeline. For years, Alaska has exported LNG, mostly to Pacific Rim countries, but these volumes have been small. In addition to the Sabine Pass terminal that was the source of last week's LNG shipment, four other LNG export terminals are currently under construction.

In 2015 we continued to adapt to the tough environment created by the dramatic drop in oil prices. We have seen prices crash before, but this fall has been particularly steep, from over $100 a barrel in mid-2014 to below $30 by January 2016. The work we have done to reshape and strengthen BP after 2010 stood us in good stead to withstand these conditions and last year we took further action to make the business more resilient in the short term. We also continue to invest for long-term growth. Our safety record improved, along with operating reliability, while costs came down and capital discipline was maintained. The current environment has however impacted our financial results, as well as those of our competitors. So, while the oil price is beyond our control, we have performed strongly on the factors that we can control.

The world's biggest oil exporter lifted the official selling price (OSP) of its benchmark Arab Light crude by 25 cents a barrel for cargoes loading in April.

Iran is working to regain market share after sanctions relief and exports had already risen by 500,000 bpd in February, Mohsen Ghamsari, director of international affairs at National Iranian Oil Co (NIOC), told Reuters on Tuesday.

Light, sweet crude oil prices on the New York market gained modestly to settle above $34/bbl on Mar. 1, and Russia state news agency TASS reported Russia’s Energy Minister Alexander Novak said a “critical mass” of oil-producing countries had agreed to freeze oil production.

Profit attributable to NOVATEK shareholders increased twofold to RR 74.4 billion, as compared to RR 37.3 billion in 2014. The amount of profit and its dynamics were significantly impacted by the foreign exchange effect and the change in fair value of non-commodity financial instruments (including at the joint ventures level), as well as the effect of disposal of interests in joint ventures. Net of these effects, our adjusted profit attributable to NOVATEK shareholders in 2015 and 2014 totaled RR 135.0 billion and RR 104.8 billion respectively, representing a year-on-year increase of 28.9%.

One of the world’s biggest independent oil and natural gas exploration and production companies, Anadarko said Tuesday it will cut capital expenditures this year to between $2.6 billion and $2.8 billion, from about $5.5 billion last year.

Malaysia’s state-run Petronas plans to reduce capital and operating expenditures by $12 billion over the next 3 years, starting with $3.6-4.8 billion in 2016. The move comes with a companywide reorganization that will result in about 1,000 redundancies.

Citing his support for development of a competitive natural gas market in Europe, Norway's minister of petroleum and energy, Tord Lien, said a well functioning market in Europe is crucial for the maximisation of Norwegian assets. “Gas is there if Europe needs it.”

Despite lower crude oil prices, EIA expects Canadian oil production to continue increasing through 2017. Canadian oil sands projects that were already under construction when prices began to fall in 2014 and that are expected to begin production in the next two years are the main driver of production growth.

Oil was up from the start of the week after data showing a slide in shale crude output and strong gasoline demand in the United States. Also bolstering prices was a meeting scheduled for mid-March by at least four major oil producers, including Saudi Arabia, to discuss a production freeze at January's highs.