Total and Rosneft signed a Term Sheet that envisages the main terms and conditions of the purchase of 16.67% share in a refinery located in Schwedt, Germany (PCK Raffinerie GmbH). The document was signed in Sochi by the Head of Rosneft Igor Sechin and Chief Executive Officer of Total Patrick Pouyanne.

The Blue Stream gas pipeline is important for ensuring stable gas supplies to Turkey. For instance, around 110 billion cubic meters of gas have been conveyed via Blue Stream since the start of commercial gas deliveries. The meeting participants stressed that Russian gas exports via that route were gradually increasing, and this upward trend could continue. In this regard, the parties confirmed their mutual intention to expand Blue Stream's capacity by 3 billion cubic meters.

With a sustained price drop to $60 a barrel, North American shale drilling would be especially challenged in emerging fields such as some in Ohio and Louisiana, where costs are at the highest early in development, according to Citigroup and ITG.

Saudi Arabia and its OPEC allies’ firm stand against cutting crude output to slow the plunge in oil prices has set the energy world on a painful course that will leave the weakest behind, from governments to U.S. wildcatters.

Shares in the world’s biggest energy groups have tumbled in a market rout as plunging oil prices put at risk billions of dollars of investment and jeopardised future supplies of crude.

Putin Says Russia Doing Fine in Face of Tumbling Crude Prices

Brent and West Texas Intermediate crudes fell to the lowest level in more than four years after OPEC failed to cut its output in response to a glut.

The International Energy Agency’s chief economist on Friday urged oil producers to boost investment in new projects to meet an anticipated rise in demand, a move that he said may avoid oil price spikes in coming years.

Battered by sanctions and oil’s accelerating price crash, OAO Rosneft (ROSN) has lost 38 percent of its market value this year in dollar terms and today the whole company, TNK-BP and all, is worth $50 billion.

OPEC 166th Meeting concludes

According to a review of financial statements released in recent weeks and despite lower crude oil prices, companies drilling in North American tight oil formations recorded improved financial results in third-quarter 2014 as compared with third-quarter 2013

U.S. retail regular-grade gasoline prices continue to decline, averaging $2.82 per gallon (gal) as of November 24.

Real gross domestic product -- the value of the production of goods and services in the United States, adjusted for price changes -- increased at an annual rate of 3.9 percent in the third quarter of 2014, according to the "second" estimate released by the Bureau of Economic Analysis.

Europe must wean itself off Russian gas and look to places like the Caspian Sea or the Middle East for alternative supplies, as the conflict in Ukraine underscores the importance of energy independence

US Vice-President Joe Biden claimed Russia is using energy as 'a weapon' and urged European countries to diversify sources for the purposes of energy security.