Supplies outside OPEC are expected to contract in 2016 for the first time since 2008, sliding by 200,000 barrels a day, according to the International Energy Agency. With consumption set to grow by 1.4 million barrels a day, OPEC and its de facto leader Saudi Arabia could seize the chance to broaden their market as competitors damaged by the price slump fall off.

"It's quite possible that if oil prices remain at the low levels for long, oil production could decline, as had been the case before. Anyway, we don't expect any significant cuts,"

EIA estimates U.S. crude oil production in June 2015 at 9.3 million barrels per day (b/d), a decrease of approximately 100,000 b/d from the revised May 2015 figure. Production estimates released in the PSM for January through May were revised downward by 40,000 b/d to 130,000 b/d. The largest revisions in volume include decreases of oil production in Texas (ranging from about 100,000 b/d to 150,000 b/d) and increases in the federal Gulf of Mexico (ranging from about 10,000 b/d to 50,000 b/d). U.S. crude oil production for the first six months of 2015 averaged 9.4 million b/d.

The offshore development of the largest new field discovered in the UK North Sea for a decade has been approved by the UK Oil & Gas Authority. The Maersk Oil operated high pressure, high temperature (HPHT) Culzean field in the UK Central North Sea is expected to produce enough gas to meet 5% of total UK demand at peak production in 2020/21. Culzean is also the largest gas field sanctioned since East Brae in 1990.

"We cut our real GDP outlook... to take into account a weaker-than-expected second quarter, a deteriorating global emerging market outlook, and our oil price revisions,"

At a time when the oil price is languishing at its lowest level in six years, producers need to find half a trillion dollars to repay debt.

Profit attributable to owners of PJSC Gazprom for the six months ended June 30, 2015 totaled RUB 675,904 which is RUB 225,326 million, or 50 %, higher compared to the six months of the prior year.

Russian oil firms are increasing their rouble profits and raising production as a weak currency protects their business, which has turned into one of the world's most profitable.

Eni has made a world class supergiant gas discovery at its Zohr Prospect, in the deep waters of Egypt. The discovery could hold a potential of 30 trillion cubic feet of lean gas in place covering an area of about 100 square kilometres.

Ukraine has asked Russia to reduce the cost it charges the country for gas as well as write-off loans Russia has given it.

U.S. Rig Count is down 8 rigs from last week to 877, with oil rigs up 1 at 675, gas rigs down 9 to 202, and miscellaneous rigs unchanged at 0.

Thanks to measures on cost optimization and control adjusted earnings before interests, tax and depreciation (EBITDA) amounted to RUB 326 bln (USD 6.3 bln) and increased by 14.0%, adjusted EBITDА margin reached 24.8% in Q2 2015 compared to Q1 2015. Adjusted EBITDA for the H1 2015 increased by 3.2% compared to H1 2014 up to RUB 612 bln.

Brent crude, the international benchmark, jumped by $4.42 a barrel in afternoon trading to settle at $47.56. The 10.2 per cent gain marked its biggest one day advance since December 2008.

Bulgaria’s Cabinet was preparing to seek damages for the idled properties that were due to host infrastructure for the now-abandoned South Stream gas pipeline, with the government approving on August 26 the methodology for calculating such damages.

In the first half of 2015, sales revenues were $51,294 million (-30.6% y-o-y). Net income attributable to LUKOIL decreased by 58.9% y-o-y to $1,695 million, EBITDA (earnings before interest, taxation, depreciation and amortization) decreased by 32.4% y-o-y to $6,379 million. In the first half of 2015, our financial results were affected by a sharp decrease in the hydrocarbon prices and non-cash write-off in the amount of $324 million.