‘The latest estimates for 2016 show that total investments are expected to amount to NOK 219.4 billion. This is 5.4 per cent lower than the corresponding figure for 2015. The decline is mainly due to a fall of 9.3 per cent within oil and gas’ reads the statement.

Russia is a strategic partner of Iran, Iranian Oil Minister Bijan Namdar Zangeneh said during the talks with Russia’s Energy Minister Alexander Novak in Tehran at the third Gas Exporting Countries Forum (GECF) summit on Monday."Moscow is a strategic partner of Iran," the Iranian minister was quoted by IRNA news agency.

"The council (of ministers) ... stressed the kingdom's role in (achieving) the stability of the oil market and its continuous readiness and efforts to cooperate with all OPEC and non-OPEC countries to maintain the stability of the market and prices," the cabinet said.

“We know that energy demand is growing. We also know that renewable energy will have to meet most–if not all–of this increased demand. Oil and gas will remain critically important energy resources," Mr. Sætre said on Monday. "Even in a 2 degree world we need oil and gas roughly at today’s levels in 2040."

In 2014, U.S. crude oil and lease condensate proved reserves increased to 39.9 billion barrels—an increase of 3.4 billion barrels (9.3%) from 2013. U.S. proved reserves of crude oil and lease condensate have risen for six consecutive years, and exceeded 39 billion barrels for the first time since 1972. Proved reserves of U.S. total natural gas increased 34.8 trillion cubic feet (Tcf) to 388.8 Tcf in 2014. This increase (9.8%) boosts the national total of proved natural gas reserves to a record-high level for the second consecutive year.

“We have never seen this in the last 30 years, two consecutive years of investment decline,” the IEA’s executive director, Dr. Fatih Birol, told The Wall Street Journal on the sidelines of a Statoil conference. “This will have implications for the oil markets, if not tomorrow then the day after tomorrow.”

"To increase Iran's oil production in the global market after the lifting of sanctions, we don't need permission from OPEC (the Organization of the Petroleum Exporting Countries) or any other organization," Iran's oil minister, Bijan Zanganeh was quoted as saying by IRNA on the sidelines of the meeting of the Gas Exporting Countries Forum (GECF) in Tehran.

Iraq has every incentive to keep pumping all it can as its actual oil prices are even lower than the benchmarks. The official selling price of Basra Heavy in Europe is $10.40 a barrel below Brent for December, and trade sources say cargoes are being sold a dollar or more below OSP - or less than $30.

The 2015 payment, due next month, is set to surpass the record from 2009, when the Mexican government said it received $5.1 billion after prices plunged with the global financial crisis. The country’s crude has fallen by almost half over the hedging period so far this year. Crude sales historically cover about a third of the government budget.

Rising hydrocarbon production, retail sales and efficient management drove a Y-o-Y increase in adjusted EBITDA* of 9.3% (RUB 312 bln) for 9M 2015. A 0.6% Y-o-Y decline in sales was driven by the global drop in oil prices. Net income attributable to the shareholders of Gazprom Neft fell by 6.2% Y-o-Y to RUB 130.9 bln. The negative impact of foreign exchange rate differences in loan revaluations held back net income growth.

U.S. Rig Count is down 10 rigs from last week to 757, with oil rigs down 10 to 564, and gas rigs unchanged at 193.

Total petroleum deliveries (a measure of demand) fell slightly in October by 0.3 percent from year ago levels, according to API’s Monthly Statistical Report for October 2015. Production of all four major products–gasoline, distillate, jet fuel and residual fuels was higher than deliveries for those products, so refined products were exported.

Speaking at an energy conference in Bahrain on Thursday, Ali al-Naimi, said oil companies “need to increase investments in order to guarantee stability of market for the long and short term”.

“Capital markets are effectively closed to the oil and gas industry” in Africa, Tony Hayward, former head of BP Plc and now chairman of Genel Energy Plc, said at a conference in Cape Town last month. “A decade of exploration, with billions of dollars invested and only limited commercial success.”

Canadian producers are struggling to cut the cost of extracting bitumen from the oil sands, and their other wells are failing to match the efficiency gains of U.S. rivals, a Bloomberg Intelligence analysis shows. While output keeps rising in the Permian Basin, the largest U.S. shale play, companies are slowing output from wells in Alberta and have shelved 18 oil- sands projects during the downturn, according to ARC Financial Corp.