Light, sweet crude oil prices on the New York market gained modestly to settle above $34/bbl on Mar. 1, and Russia state news agency TASS reported Russia’s Energy Minister Alexander Novak said a “critical mass” of oil-producing countries had agreed to freeze oil production.

Exxon said it expected production in 2020 to be between 4m and 4.2m barrels of oil equivalent per day. That is lower than the projection Exxon set out a year ago, when it expected output would average 4.3m barrels per day in 2017.

Profit attributable to NOVATEK shareholders increased twofold to RR 74.4 billion, as compared to RR 37.3 billion in 2014. The amount of profit and its dynamics were significantly impacted by the foreign exchange effect and the change in fair value of non-commodity financial instruments (including at the joint ventures level), as well as the effect of disposal of interests in joint ventures. Net of these effects, our adjusted profit attributable to NOVATEK shareholders in 2015 and 2014 totaled RR 135.0 billion and RR 104.8 billion respectively, representing a year-on-year increase of 28.9%.

One of the world’s biggest independent oil and natural gas exploration and production companies, Anadarko said Tuesday it will cut capital expenditures this year to between $2.6 billion and $2.8 billion, from about $5.5 billion last year.

Malaysia’s state-run Petronas plans to reduce capital and operating expenditures by $12 billion over the next 3 years, starting with $3.6-4.8 billion in 2016. The move comes with a companywide reorganization that will result in about 1,000 redundancies.

Tesco reported revenue of $52.2 million for the fourth quarter ended December 31, 2015, down from $61.4 million, or 15%, in the third quarter of 2015 and down from $134.5 million, or 61%, in the fourth quarter of 2014. The sequential decline in revenue was primarily from lower activity and revenues in North America and Latin America for our rental and AMSS offerings.

Citing his support for development of a competitive natural gas market in Europe, Norway's minister of petroleum and energy, Tord Lien, said a well functioning market in Europe is crucial for the maximisation of Norwegian assets. “Gas is there if Europe needs it.”

Despite lower crude oil prices, EIA expects Canadian oil production to continue increasing through 2017. Canadian oil sands projects that were already under construction when prices began to fall in 2014 and that are expected to begin production in the next two years are the main driver of production growth.

Oil was up from the start of the week after data showing a slide in shale crude output and strong gasoline demand in the United States. Also bolstering prices was a meeting scheduled for mid-March by at least four major oil producers, including Saudi Arabia, to discuss a production freeze at January's highs.

U.S. Rig Count is down 12 rigs from last week to 502, with oil rigs down 13 to 400, and gas rigs up 1 to 102. Canadian Rig Count is down 31 rigs from last week to 175, with oil rigs down 26 to 83, and gas rigs down 5 to 92.

Halliburton Co., which provides well-drilling services for oil companies, is cutting 5,000 more jobs as the industry continues to struggle with slumping oil prices.

Россия является надежным поставщиком энергоресурсов для Евросоюза и наши отношения являются взаимовыгодными.

“Times are tough, you’d almost call them brutal right now,” said Lamar McKay, BP PLC’s deputy chief executive. “But we will adapt. We will make it.”

Lake of fire or not, the oil market has certainly become increasingly alarmed by vast pools of excess crude stored in tanks around the world, with more added every day. At the conference, senior executives and officials outlined a path for prices that remains low in the short term, somewhat higher by year-end and subject to furious swings along the way.

China and India's combined share of world oil consumption has tripled since 1990 to over 16 percent, nearing the U.S. share of roughly 20 percent, cementing their status as the main center of global demand growth.