An independent Dutch safety panel has found that the operators of Europe’s largest natural gas field, Royal Dutch Shell and Exxon Mobil, as well as the Dutch government, for years ignored the dangers posed by earthquakes in the field.

“So, fundamentally, the crisis in oil prices in 2014 – is just a ripple on the water compared to the oversupply tsunami of 1985. The amount of excess capacity is five times less. Operating costs are 2-3 times higher. Instead of a deep drop in demand – a growth is recorded. The rate of decline in marginal production – is ten times higher. There is a clear unbalance between fundamental drivers and the observed price dynamics” - highlighted Rosneft Head.

Looking into 2015 we face a very challenging market.

Halliburton says it will eliminate at least 5,000 jobs

Total reduces budget by 10% to $23-24 billion

Gazprom would be in a strong position to secure an outcome

Russia's Yamal LNG sees global liquefied gas deficit by 2018

Australia Pacific LNG receives first gas at Curtis Island

Ultra-deepwater pipeline flows first gas in Gulf of Mexico

Turkey's energy minister and Russia’s Gazprom chief took a helicopter ride over the Black Sea to survey a possible route of the “Turkish Stream” pipeline Saturday.

RUSSIA'S GAS EXPORT REORIENTATION IS A LOGICAL MOVE

Gazprom to market Yamal-sourced LNG to Europe and South America

China’s National Development and Reform Commission (NDRC) has approved Sinopec Beijing Yanshan Petrochemical Co. Ltd., a subsidiary of China National Petroleum Corp. (Sinopec), to proceed with its plans to build a grassroots refinery in Caofeidian Industrial Zone, Tangshan, Hebei Province, China

A Deloitte MarketPoint analysis suggested large-field projects, each producing more than 25,000 b/d, could bring on 1.835 million b/d in oil supply this year of which 635,000 b/d would be from members of the Organization of Petroleum Exporting Countries and the rest from non-OPEC productions.

Monthly average crude oil prices continued to decline during November. The average domestic crude oil first purchase price fell $7.76 (9.8 percent), to $71.07 per barrel.