Crisis in the global energy industry provides a unique opportunity to expand Rosneft and PDVSA cooperation, which may have a substantial effect on the global oil markets balancing.

Between January-July, flows totaled 66.52 Bcm, 16% higher than the cumulative total for the same period last year and 13% up on the previous record high for the January-July period of 58.73 Bcm from 2014.

Russian assets are under pressure as concerns resurface that the global oil market is over supplied. After rallying from a record low at the start of the year as crude rebounded, the ruble is the third-worst performer in emerging markets so far this quarter.

Maersk Drilling will cut 122 jobs in the United States due to the early termination of a contract for deepwater rig Maersk Valiant

Nabors Industries Ltd. ("Nabors") (NYSE: NBR) today reported second quarter 2016 operating revenues of $571.6 million, compared to operating revenues of $597.6 million in the first quarter. Net income from continuing operations for the quarter was a loss of $186.6 million, or ($0.65) per diluted share, compared to a loss of $396.6 million, or ($1.41) per diluted share, last quarter. Net income from continuing operations for the second quarter includes a loss of $0.39 per share due to impairments and losses related to disposed businesses and assets. The largest component, totaling $0.34 per share, is comprised of an impairment to the carrying value of the Company's investment in C&J Energy Services Ltd. ("C&J") and its proportionate share of C&J losses from the prior quarter. In addition, the second quarter benefitted from the renegotiation of two contracts, as well as early termination revenue that improved reported net income by $24.1 million or $0.09 per share.

Progress will be slow. The crude glut will take a long time to dissipate, meaning only gradual price gains, said Michael Hsueh, a strategist at Deutsche Bank AG. West Texas Intermediate, the U.S. benchmark, will average $49.50 in the fourth quarter before breaking decisively above $50 next year, the analysts say.

U.S. West Texas Intermediate (WTI) crude was at $40.15 a barrel at 0433 GMT (12:33 a.m. ET) , up 9 cents from its last close after dipping below $40 for the first time since April the previous session. International Brent crude oil futures were trading at $42.34 per barrel, up 20 cents from their last close.

State-owned Saudi Arabian Oil Co. said Sunday it will sell cargoes of Arab Light in September at $1.10 a barrel below Asia’s regional benchmark. That is a pricing cut of $1.30 from August, the biggest drop since November, according to data compiled by Bloomberg. The company was expected to lower the pricing by $1 a barrel, according to the median estimate in a Bloomberg survey of eight refiners and traders.

Oil consumption growth in the current fiscal year will likely exceed 10.9% of the previous year, if the current consumption trend continues, an oil ministry arm has said. A 7.8% jump in the consumption of petroleum products in the country in April-June, compared to 5.2% in the year-ago period.

The $10bn Tapi project is aimed to carry 33bn m³/yr of gas to the participant countries by 2021. Ashgabat has an 85% stake in the challenging project, which equates to one third of the country's total yearly budget.

Demand for gas in expanding rapidly in Southeast Asia and Vietnam is no exception. LNG is in demand as an energy source for industrial parks around Ho Chi Minh City in the country's south. There are plans to build LNG facilities, including at the port of Thi Vai near the city.

In the latest transaction, Statoil will divest some of its non-operated interests in the US state of West Virginia to Antero Resources Corporation (“Antero”) for approximately USD 96 million in cash.

В ближайшее время будет подписана дорожная карта, направленная на реализацию более 70 совместных проектов. Стратегическое направление сотрудничества - газовая отрасль.

Iran's failure to get full access to the global financial system a year after it signed the nuclear deal with world powers has intensified domestic political infighting. It has also turned up the heat on President Hassan Rouhani, a pragmatist facing re-election next year, who has gambled on attracting foreign investment to help raise voters' living standards.

Iraq reaped $3.744 billion from oil exports in July, Oil Ministry spokesman Asim Jihad said in a statement. He said average production for the month was over 3.202 million bpd.