North American oil and natural gas drillers will need to cut an additional 30 percent from their capital budgets to balance their spending with the cash coming in their doors even if crude rises to $40 a barrel, according to an analysis by IHS Inc.A group of 44 North American exploration and production companies are planning to spend $78 billion on capital projects this year, down from $101 billion last year.

The Dow Jones industrial average was down 82 points, or 0.5 percent, to 15,944 as of 12:18 p.m. Eastern Time. The Standard & Poor’s 500 slipped eight points, or 0.5 percent, to 1,844. The Nasdaq composite fell 17 points, or 0.4 percent, to 4,266. Stocks posted steep slides Monday and Friday.

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $43.4 billion in December, up $1.1 billion from $42.2 billion in November, revised. December exports were $181.5 billion, $0.5 billion less than November exports. December imports were $224.9 billion, up $0.6 billion from November.

It appears the administration’s last year is dedicated to furthering an extremist agenda at the very real expense of the middle class and low-income families, through tax hikes on energy and a barrage of unnecessary and duplicative regulations that are catering to the well-funded, radical whims of ‘leave it in the ground’ activists.

Crude oil production in March from seven major US shale plays is expected to fall 92,000 b/d to 4.92 million b/d.

French oil company Total SA said Monday that a deep-water natural-gas project west of the Shetland Islands called Laggan Tormore will produce the equivalent of 90,000 barrels of oil a day—almost 6% of the U.K.’s total output.

Possible Japanese investment in Iran could include petroleum, natural gas resource developments, refinery upgrades, petrochemical plants and distribution systems, according to industry sources.

Министр энергетики Российской Федерации Александр Новак принял участие во встрече Президента Российской Федерации Владимира Путина с Королём Бахрейна Хамадом бен Исой аль-Халифой, который находится в России с рабочим визитом.

Chinese imports of liquefied natural gas (LNG) declined by 1.1% year-on-year in 2015 for the first time since China began importing LNG in 2006.

Gazprom held the eleventh annual Investor Day in New York and London.

President Obama’s proposal to add a new $10 per barrel tax on crude oil would harm consumers.

Crude oil prices soared by more than $2/bbl on both the New York and London markets Feb. 3, which analysts attributed to a sliding dollar. The oil price rally came despite a bigger-than-expected gain in US crude oil supplies.

Net loss of $2.007 billion ($1.38 per common share), due to non-cash asset writedowns, which were a result of the depressed commodity cycle, and a foreign exchange loss on U.S. dollar denominated debt.

Full-year 2015 earnings were a net loss of $4.4 billion, or ($3.58) per share, compared with full-year 2014 earnings of $6.9 billion, or $5.51 per share. Excluding special items, full-year 2015 adjusted earnings were a net loss of $1.7 billion, or ($1.40) per share, compared with full-year 2014 adjusted earnings of $6.6 billion, or $5.30 per share.

Commenting on a statement by Gazprom on February 2 that Austria had imported 76.2% more gas this January than it had in January 2015, the country's dominant supplier OMV said that was because deliveries last year had been low for unspecified "technical reasons." "We are however back to normal levels this year," a spokesperson said. Gazprom said exports to Austria in 2015 were up by 11.5% in 2015 on the year but gave no volumes for either period.