After Russia dropped the construction of the South Stream gas pipeline, Serbia is ready to look for new supply sources, and the priority according to Serbian officials, will be the interconnection with Bulgaria.

Japan’s Ministry of Economy, Trade, and Industry announced that Tokyo imported 26 percent more oil from Iran in 2015. According to a report released by the ministry, Japan’s crude imports from Iran amounted to 1086 million kilo liters or 243,000 barrels per day, which shows a 26-percent increase compared with the previous month.

Further to its exclusive talks on possible cooperation, JSC Gazprom Neft and PetroVietnam have set October as a tentative deadline for prioritizing prospects and terms for their partnership at Dolginskoye field and the Severo-Zapadnyi (North West) blocks in Russia’s Pechora Sea.

European gas prices started the summer season at a five-year low, signaling easing concern about disruptions to Russian supply and below-average reserves.

Monthly average crude oil prices continued to fall in January. The average domestic crude oil first purchase price declined $11.76 (21.4 percent), to $43.10 per barrel. The average free-on-board (f.o.b.) cost of imported crude oil dropped $9.77 (19.5 percent), to $40.29 per barrel. The average landed cost of foreign crude oil fell $11.26 (20.5 percent), to $43.75 per barrel.

Preliminary dry gas production for January 2015 was 2,287 billion cubic feet (Bcf), or 73.8 Bcf/day, down from last month's record high of 74.8 Bcf/day. January's production was a 6 Bcf/day increase from 67.8 Bcf/day in January 2014, an 8.8% rise from year to year.

India cut the price of locally-produced natural gas by 8% for six months beginning Wednesday as global energy costs slump.

Chevron abandoned Australian shale exploration and said it will sell its 50% stake in that nation’s largest oil refiner. Chevron notified Beach Energy, its partner in the central Australian shale project, that “the opportunity does not align strategically” with the US explorer’s portfolio, according to a statement from Beach. Selling its half of refiner Caltex Australia is expected to yield about A$4.7 billion ($3.7 billion.)

LITASCO SA, the exclusive international marketing and trading company of OAO LUKOIL, together with its Joint Venture partner Burando Maritime Services, a leading maritime services provider in the Amsterdam-Rotterdam-Antwerp region have entered into an agreement to sell 100% of their respective shares of Service Terminal Rotterdam v.o.f. (“STR”) to iCON Infrastructure Partners II, L.P.. The transaction was entered into following two months of exclusive discussions and is expected to close at the end of April 2015.

Iraq boosted crude shipments in March to the highest level in more than three decades, adding to a global supply glut that has helped push down oil prices by 46% in the last year.

Ukraine is facing a huge energy-security challenge. It is dependent on Russia supplying most of its natural gas as well as uranium fuel for its nuclear reactors.

The Russian government is requesting that state-owned gas giant Gazprom provide discounted gas to the struggling government in Ukraine.

Turkey and Greece are back under the spotlight as Russia’s Gazprom restated the importance of Turkish Stream for Greece’s energy security, while the Turkish Cypriot and Greek Cypriot leaders openly referred to the opportunity of resuming negotiations about the future of the Mediterranean island.

Talks between the P5+1 nations and Iran have failed to reach a conclusive outcome by the self-imposed 31st March deadline. The P5+1 nations and Iran have extended talks for a further 24 hours, in the hope that an outline agreement over Iran’s nuclear programme could be reached.

Chinese oil and Gas companies have expressed keen interest to make contribution in the oil and Gas sector of Pakistan to cater the growing demand of the country.