The head of oil in Saudi Arabia reaffirmed the country's commitment to supplying oil resources to meet increasing demand in Asia, Reuters reported. Oil Minister Ali al-Naimi recently visited China and said that oil demand in Asia is still strong, citing the increasing need for energy as the middle class grows.

Large quantities of shale gas, tight gas and coalbed methane are being discovered and extracted in the vast Western Canadian Sedimentary Basin (WCSB), which covers southwestern Manitoba, southern Saskatchewan, Alberta (AB), northeastern British Columbia (BC) and the southwest corner of the Northwest Territories.

Imports from the European Union (EU) will drop because Russian gas is now competitive, according to state-run NAK Naftogaz Ukrainy. Flows from Slovakia, the EU’s biggest supplier to Ukraine, may fall by a quarter from May, Tomas Marecek, the chairman of Slovak grid operator Eustream, said.

Russian oil and gas condensate production, among the world's largest, remained at a post-Soviet record level of 10.71 million barrels per day in April, underpinned by a recent recovery in oil prices, Energy Ministry data showed on Saturday.

Monthly average crude oil prices increased in February. The average domestic crude oil first purchase price rose $1.29 (3.0 percent), to $44.35 per barrel.

A widening corruption probe in China has ensnared another oil executive, this time the number two man at state owned Sinopec.A widening corruption probe in China has ensnared another oil executive, this time the number two man at state owned Sinopec.

Chevron Corp. reported first-quarter earnings of $2.6 billion, down from $4.5 billion in first-quarter 2014. Sales and other operating revenues in first quarter totaled $32 billion, compared with $51 billion a year earlier.

ExxonMobil Corp. reported first-quarter earnings of $4.9 billion, down from $9.1 billion during first-quarter 2014 due in part by upstream losses in the US. The total, however, exceeded analyst expectations.

Russia’s gas giant Gazprom is ready to launch gas supplies to China via the so-called eastern corridor within 4 years, Deputy Chairman of Management Committee Alexander Medvedev said Wednesday.

In the case of Gazprom, the commission has found that the Russian energy company charges different prices across the EU. Lithuania, for instance, at times pays a third more than Germany.

U.S. energy consumption has slowed recently and is not anticipated to return to growth levels seen in the second half of the 20th century. EIA's Reference case projections in the Annual Energy Outlook 2015 (AEO2015) show that domestic consumption is expected to grow at a modest 0.3% per year through 2040, less than half the rate of population growth. Energy used in homes is essentially flat, and transportation consumption will decline slightly, meaning that energy consumption growth will be concentrated in U.S. businesses and industries.

U.S. economic growth braked more sharply than expected in the first quarter as harsh weather dampened consumer spending and energy companies struggling with low prices slashed spending, but there are signs activity is picking up.

Suncor Energy Inc., Canada’s largest crude-oil producer, on Wednesday reported a first-quarter net loss and a 90% decline in operating profit as a recent slump in global oil prices offset the company’s effort to cut costs and boost production.

Norway’s $916bn oil fund on Wednesday trumpeted its best-ever quarterly return, boosted by monetary stimulus in Europe that put a rocket under the region’s stock markets.

Eni SPA reported a first-quarter consolidated adjusted operating profit of €1.57 billion, down 55% from first-quarter 2014. The company says the decline was driven by lower crude oil prices, and only partly offset by a better performance recorded in upstream activity and in all other business segments.