Global benchmark Brent crude prices fell 23 cents to $36.99 a barrel at 0910 GMT. U.S. West Texas Intermediate (WTI) crude slipped 7 cents to $36.69 a barrel.

The Dow Jones Industrial Average slipped 117.11 points, or 0.7%, to 17603.87. The S&P 500 fell 0.7% and the Nasdaq Composite lost 0.8%.

In July 2014, at the height of the Crimean Crisis, Ukraine imported gas from Western Europe, and particularly from Germany for $370 per 1,000 cubic metres. Earlier in the 2014, the country had paid $273 per million cubic metres for gas from Russia.

"Our estimate for next year is around $40 per barrel when estimating budget revenues. At $40 per barrel there is an understanding about how to act. Measures and proposals have been prepared."

Mr. Novak said that the project could still be implemented if the European Commission develops corresponding infrastructure for natural gas transportation in Central and Eastern Europe,

CNPC said the entire pipeline project is expected to be completed and operational by the end of 2018. Construction of the Chinese section began in June 2015, while construction of the Russian section began in September 2014.

Egypt is obliged to pay for LNG shipments within 15 days of a shipment's unloading. Now the Egyptian authorities are looking to extend that timeframe. Egypt used to get financial support from the Gulf Cooperation Council (GCC) countries and probably will still get it. However, due to lower energy prices, the support now is more limited. Egypt buys six to eight LNG cargoes monthly, each worth $20-$25 million. It is now in arrears of $350 million for that energy, one source estimated.

“TAP is crucial in the diversification of gas sources in Europe through the development of the Southern Corridor from the Republic of Azerbaijan and potentially other countries,” said Carlo Malacarne, Snam’s chief executive officer.

Совет директоров утвердил Инвестиционную программу, бюджет (финансовый план) и программу оптимизации (сокращения) затрат ПАО «Газпром» на 2016 год. В соответствии с Инвестиционной программой на 2016 год, общий объем освоения инвестиций составит 842 млрд руб.

"We’re facing challenges in a number of countries, including Ukraine where we were forced to sell our assets though they were among the best. We’ve sold our assets in Estonia. Today we listed for sale our assets in Lithuania and Latvia where there is rather serious anti-Russia sentiment that’s why the board of directors took the decision to leave those countries," Alekperov said.

Next year Georgia plans to increase the volume of natural gas it imports from Russia by 25.2% against 2015 up to 250.5 mcm. According to the natural gas balance for 2016 approved by the Georgian Energy Ministry, it plans to import 65.9 mcm of commercial gas from Russia. Georgia will receive 184.6 million cub.m. (down from 7.7%) from Russian gas transit to Armenia, for which Georgia gets 10% in volume.

Modi and Putin hailed what they termed a “strategic partnership” at their Kremlin meeting on Thursday and pledged to boost business ties, with the Indian leader signaling progress on defense projects to ensure his country upgrades its weapons capability.

“Gazprom has useful and precious experience in various fields of the gas industry and can provide them to the NIGC,” Shana quoted him saying.

Beijing has indicated it could ultimately form a separate pipeline monopoly to encourage the development of China’s domestic natural gas industry which has so far been limited by CNPC’s stranglehold over the majority of the country’s pipeline network.

Only a gentle recovery in oil prices is seen. OPEC's basket of crude oils is assumed in the report at $55 in 2015 and to rise by $5 a year to reach $80 by 2020.