Lenders including JPMorgan Chase & Co., Wells Fargo & Co. and Bank of America Corp. are setting aside more money to cover potential loan losses after crude prices fell 61 percent in less than two years.

"Now we're seeing reductions in spending on shorter cycle projects, in other words immediate drilling activity," Watson said. "Rig rates in the US are down almost 80%, we're seeing decline in rig rates around the world and we're starting to see the supply response that everyone has expected. So we're seeing the markets come back into better balance [but] it may take more time."

Chevron Corp. and Royal Dutch Shell Plc had their ratings reduced by one level, while Total SA’s was cut two steps, according to statements by the New York-based rating company on Friday. Chevron will generate negative cash flow amid rising debt for at least the next two years, while Shell will have elevated leverage following its acquisition of BG Group Plc, Moody’s said. Prices are expected to stay low through this year and next and continue to pressure Total’s operating cash flows and credit metrics, Moody’s said.

Year-to-date, the goods and services deficit increased $10.8 billion, or 13.1 percent, from the same period in 2015. Exports decreased $20.5 billion or 5.5 percent. Imports decreased $9.7 billion or 2.1 percent.

Brazil’s troubled state-run oil company Petróleo Brasileiro SA on Friday announced a beefed up voluntary layoff program that could affect up to 12,000 jobs amid intense efforts to cut costs.

The international oil company said on Wednesday it was co-operating with officials from both the Netherlands and Italy as they investigate the $1.1bn deal, which Shell signed five years ago alongside Eni, the Italian oil company.

NEO - The Koch Brothers emerged stronger than ever, along with a slew of smaller oil tycoons, who lack the kind of longstanding and entrenched influence wielded by the Rockefeller dynasty.

China, the world's top energy user, is keen to boost cleaner burning natural gas consumption to tackle air pollution.

The Rockefeller Family Fund said on Wednesday it would divest from fossil fuels as quickly as possible and "eliminate holdings" of Exxon Mobil Corp, saying the oil company associated with the family fortune has misled the public about climate change risks.

Rosneft set a new record, having increased hydrocarbon production up to 254.2 mmtoe (5.16 mmboed). Development drilling meterage increased by 36% and reached 6.9 mln meters. More than 1.8 thousand of new wells were commissioned.

It is a challenging business environment but it's a sign of strong resilience that businesses can look ahead and still see opportunities that exist around the globe.

“Low oil prices fuel a reduction in risk-taking, and when there is less risk-taking, asset prices will fall. It can lead to a downward asset price spiral,”

The parties addressed strategic bilateral cooperation. It was noted that the collaboration between Gazprom and Chinese energy companies and financial institutions was consistently developing.

Federal lawyers on Tuesday formally asked a judge in New Orleans to approve a record-breaking $20 billion-plus settlement agreement announced last July by the Department of Justice and five Gulf Coast states to resolve years of legal fighting about the 2010 Gulf oil spill.

PetroChina Co Ltd on Wednesday said profit fell 70 percent last year as low prices brought down upstream earnings, eclipsing the impact of a jump in natural gas income brought about in part by pipeline consolidation.