Saudi Arabian Oil Co., as it is formally called, is considering investments of as much as $5 billion in renewable energy, part of the kingdom’s effort to reduce the amount of oil feeding domestic energy needs.

Myanmar, one of the oldest oil and gas industries in the region and a country which exported its first crude oil centuries ago, is again emerging as a bright spot for overseas investors after sanctions, which were imposed on the country during a long period of military rule and political unrest, were lifted in 2012.

Kazakhstan has for the first time shipped Kashagan crude in the form of Siberian Light blend from the Russian port of Novorossiisk, the Kazakh state pipeline company has said, amid a surge in Siberian Light exports.

Ukrainian state monopoly supplier Naftogaz Ukrainy has issued letters of credit under the loan agreement with Citi and Deutsche Bank secured by the World Bank. They total €220mn ($231mn) and will be used this month to buy gas from European suppliers selected through the World Bank’s auctions, it said March 1. It is planned to buy up to 1.1bn m³, with payment due in April upon completion of the relevant gas deliveries to Ukraine.

The company plans to spend nearly $5.5 billion drilling in Texas, New Mexico and North Dakota. Exxon is hoping to take advantage of technological advancements and lower costs of doing business in the shale.

U.S. Rig Count is up 267 rigs from last year's count of 489, with oil rigs up 217, gas rigs up 49, and miscellaneous rigs up 1. Canadian Rig Count is up 206 rigs from last year's count of 129, with oil rigs up 147 and gas rigs up 59.

Oil closed at the lowest level in more than three weeks as record U.S. crude inventories were seen jeopardizing OPEC’s efforts to drain a global surplus.

Global benchmark Brent LCOc1 was up 19 cents at $55.27 a barrel at 0941 GMT, recovering some of Thursday's losses that amounted to more than 2 percent. WTI futures CLc1 traded at $52.69 a barrel, up 8 cents on the previous close.

World's top crude exporter Saudi Arabia cut April prices of light crude it sells to Asia for the first time in three months in a bid to shore up demand in an oversupplied market, trade sources said.

Средняя цена нефти марки Urals по итогам января – февраля 2017 года составила $ 53,32 за баррель.

The group was forced in August to abandon plans to split the cost of the 1,200km Nord Stream 2 pipeline under the Baltic Sea with the project’s European partners Engie, OMV, Wintershall, Shell and Uniper.

Crude oil production increased 1.0 percent from December 2016, but was down by 2.5 percent from January 2016 to average almost 9.0 million barrels per day in January 2017. This was the third highest January since 1986. Natural gas liquids (NGL) production, a co-product of natural gas production, was up from both the prior month and prior year. NGL production in January averaged 3.5 million barrels per day, up 1.9 percent from last month and was 6.6 percent higher than last year. This was the highest January output level on record.

Directors commended the authorities for achieving an impressive recovery in economic growth after the lifting of nuclear sanctions in 2016, maintaining inflation in single digits, and stabilizing the foreign exchange market. Given the renewed uncertainty, Directors emphasized the importance of maintaining prudent macroeconomic policies and building buffers, strengthening the financial sector, and advancing reforms to lessen Iran’s reliance on oil and develop the private sector. They welcomed the authorities’ commitment in this regard and the thrust of their reform plans.

Crude oil flows from the Kirkuk fields in northern Iraq were briefly disrupted on Thursday after a Kurdish faction seized a pumping facility in protest at the policies of Baghdad and Erbil, adding a new threat to Iraq’s attempts to comply with Opec’s agreed cuts.

Exports in January expanded 13.6 percent from a year earlier, the biggest gain since October 2015, but just missing the 15.0 percent increase forecast. In December, exports rose 10.7 percent. Data from the International Trade and Industry Ministry showed exports of mining goods increased 18.8 percent on stronger demand for crude oil and liquefied natural gas.