Oil companies BP (BP.L) and Det norske (DETNOR.OL) have agreed to merge their Norwegian businesses in a $1.3 billion all-share deal to cut costs, challenge Statoil's (STL.OL) dominance of the local industry and look for more acquisitions.

“There are still no fundamental factors for growth in oil prices,” Siluanov said. “We should plan our financial resources on that basis.”

The Indonesian government has proposed to the parliament revising down the country's 2016 crude oil production target by 2.4% to 810,000 b/d, from the initial target of 830,000 b/d, as some producers had reduced their output levels due to lower global prices,

In Q1 2016 net income was at RUB 14 bln. Decline of net income compared to RUB 53 bln in Q4 2015 resulted from EBITDA decrease and from recognition of one-offs from insurance compensation and sales of investments in the total amount of RUB 38 bln in other income at the end of 2015.

As many as 120,000 oil workers will have lost their jobs in Britain by the end of the year compared to mid-2014 when oil prices started declining and unleashed sector-wide cost cuts, the industry's lobby group said on Friday.

Brent crude for August delivery settled at $51.44/bbl on the London market. It was the highest price for front-month Brent since Oct. 9, 2015.

In 2015 global demand for primary energy grew by only 1%, significantly slower than the 10-year average. This reflected continued weakness in the global economy and lower growth in Chinese energy consumption as the country shifts from an industrial to a service-driven economy.

Rosneft is betting that south Asia will be a fast-growing market for its oil, and is keen to increase its profits from the region by investing in downstream infrastructure such as refineries and petrol stations.

Tesco Corporation (the "Company") (NASDAQ: TESO) today announced that it has priced its underwritten public offering of 7,000,000 common shares of the Company at a price to the public of $7.00 per share. The Company has granted the underwriter a 30-day option to purchase up to an additional 1,050,000 common shares at the offering price (less the underwriting discounts). The Company expects to close the sale of the common shares on June 14, 2016, subject to customary closing conditions.

Brent crude oil prices are forecast to average $43/b in 2016 and $52/b in 2017, $3/b and $1/b higher than forecast in last month's STEO, respectively. West Texas Intermediate (WTI) crude oil prices are forecast to be slightly lower than Brent in 2016 and to be the same as Brent in 2017.

London Brent crude for August delivery was up 9 cents at $51.53 a barrel by 0451 GMT, after settling up 89 cents on Tuesday. It earlier touched $51.55, the highest since Oct. 12.

Gas demand growth in the Asian nation, which is transforming into a consumer-driven economy, decelerated to about 4 per cent last year — the slowest pace since 1998 — compared with an average growth rate of 15 per cent between 2009 and 2014.

Nord Stream 2 will offer a secure, reliable connection to the world’s biggest gas reserves in Siberia, where investments from Russian and international energy companies over the last decades have ensured that the gas fields are amongst the most cost-effective sources from which to supply Europe. At the same time, Russian gas supplies are available and deliverable at short notice, making Russian piped gas the best option for Europe’s gas supply - economically and ecologically.

“We believe Nord Stream 2 is a good project, it provides infrastructure for importing gas to the EU, which will need. Russia is a major gas supplier to the EU.”

Iran is ramping up its energy industry after international sanctions restricting its access to financing and global oil markets were lifted in January. Since then, the country has boosted oil output to near pre-sanctions levels and raised natural gas production at the South Pars gas field on the Gulf coast.