Saudi Arabia has signed a commitment to invest up to $10 billion in Russia, the Russian Direct Investment Fund said Monday.

Oil prices suffered their biggest selloff in five months on Monday, falling as much as 8 percent as Greece's rejection of debt bailout terms and China's stock market woes set off a deepening spiral of losses.

Rosneft Brasil (Rosneft subsidiary) and PetroRio received approval by the Brazilian National Petroleum, Natural Gas and Biofuels Agency (ANP) for the Rosneft Brasil transaction to acquire additional 55% in the Solimoes project. Under the agreement the final completion date of the purchase and transaction shall be agreed between PetroRio and Rosneft Brasil and is expect to occur within 30 days.

Petroleum product exports averaged 4.1 million barrels per day (b/d) in the first four months of the year, the latest monthly data available. This was an increase of 0.5 million b/d over the same time last year.

U.S. Rig Count is up 3 rigs from last week to 862, with oil rigs up 12 to 640, gas rigs down 9 to 219, and miscellaneous rigs unchanged at 3.

Worldwide, job cuts from the oil bust reached a staggering 150,000 at the end of May, according to energy recruiting firm Swift Worldwide Resources. However, some analysts believe the worst is over, and by the end of the year, the US could see a stout recovery. Analysts tend to agree that a slowdown in non-OPEC production, led by U.S. shale producers, and unrest in the Middle East and North Africa, particularly Iraq, would support prices this year.

Turkey remains reluctant to enter the EU Energy Community, as it would decrease its leeway on its energy policies. European laws can suit some other neighbours, but Turkey is a completely different case. Its importance for Europe, in the energy sector or in relation to migration issues, should not be underestimated.

Ukraine expects to store enough natural gas for next winter despite cutting off imports from Russia and Russian flows crossing the country destined for Europe will not be disrupted, Energy Minister Volodymyr Demchyshyn said on Thursday.

The quest for European energy security this week suffered a pair of setbacks in Britain and Germany, two countries with large reserves of shale oil and gas.

Russia has been hit by lower oil prices and by Western sanctions over its role in the Ukraine crisis. Its rouble currency fell sharply against the dollar in 2014 and has yet to recover.

The Norwegian government confirmed Wednesday oil and gas reserves were discovered in a North Sea area not known previously to contain hydrocarbons.

The exchange in Shanghai has registered capital of 1 billion yuan and 10 shareholders. State-run Xinhua News Agency has the largest stake – at 33 percent – followed by the country's Big Three oil and gas producers. China National Petroleum Corp. (CNPC), China Petrochemical Corp. Group and China National Offshore Oil Corp. each own 10 percent.

BP Plc reached a $18.7 billion settlement to end five years of litigation following the 2010 Gulf of Mexico oil spill. It is the largest settlement with a single entity in U.S. history, the U.S. Department of Justice said.

China's apparent oil demand* in May increased 8.2% from a year earlier to 43.80 million metric tons (mt), or an average 10.36 million barrels per day (b/d).

Construction has begun on the Chinese section of the Russia-China Gas Pipeline, according to China National Petroleum Corp.