US crude prices plunged below $40 a barrel for the first time since the financial crisis on Friday, amid increasing signs the year long oil rout still has further to run.

Russian energy firms are weathering low oil prices and will continue to increase output in the next few years even if Saudi Arabia raises production to depress prices further, one of Russia's fastest growing oil companies says.

China and Russia aren’t targeting a deal during the visit as the more than 50 percent slump in crude over the past year complicates talks

U.S. Rig Count is up 1 rig from last week to 885, with oil rigs up 2 to 674, gas rigs unchanged at 211, and miscellaneous rigs down 1 to 0.

PJSC LUKOIL closed a deal to sell its 50% share in Caspian Investments Resources Ltd. to China-based Sinopec. The required permits from the state authorities of the Republic of Kazakhstan were acquired in late July 2015.

During a visit to the West Qurna II oilfield in Basra, Prime Minister Haider al-Abadi reiterated his government’s commitment to ensuring the security of the southern oilfields and their workers. He met with senior management of the Russian operator Lukoil, following protests by locals demanding jobs.

ERIELL, an international oilfield service group, has signed a contract with LUKOIL Middle East for drilling of 25 producing wells at the West Qurna-2 field in Iraq.

Despite all denials coming from the Chinese officials in recent months, China is reportedly planning to build gigantic floating islands in the disputed South China Sea. This unchecked ambition of Chinese leaders will surely tip this already heated-up Asian sub-region into what experts called “land-grabbing tussle”, a situation that might be escalated into civil wars among China and countries like the Philippines, Malaysia, Vietnam, Brunei, Cambodia and Indonesia that also lay claim to some parts of these islands.

The Obama administration granted Royal Dutch Shell final clearance on Monday to resume drilling for oil and gas in the environmentally fragile Arctic Ocean for the first time since 2012, a move green groups vowed to fight.

A company of the Rosneft Group and a subsidiary of Trican Well Service Ltd. signed a framework agreement and ancillary documents, pursuant to which a Rosneft subsidiary agreed to acquire a 100% shareholding in Trican Well Service LLC, which provides high-quality pressure pumping services focused on enhancement of production within the conventional oil and gas industry in Russia.

Oil production from the Organization of the Petroleum Exporting Countries (OPEC) totaled 31.4 million barrels per day (b/d) in July, up 120,000 b/d from the June level of 31.28 million b/d

U.S. Rig Count is unchanged from last week at 884, with oil rigs up 2 to 672, gas rigs down 2 to 211, and miscellaneous rigs unchanged at 1.

India’s Oil & Natural Gas Corp.(ONGC) is reportedly negotiating with Russia’s Rosneft to purchase a share of the Vankor oil field in East Siberia, indicating that the increase in production wanted by the Russian company could come hand in hand with stronger ties with foreign companies.

Plunging oil prices have substantially reduced Saudi revenues. With Brent prices averaging roughly $100 per barrel in 2014, Saudi oil exports of 6.31 million barrels per day would have generated roughly $631 million in revenues daily. In the first quarter, with Brent prices averaging $53.92, the same output would have generated roughly $340 million daily, $291 million less per day than oil at $100 per barrel.

Global oil demand in 2015 is expected to grow by 1.6 mb/d, up 0.2 mb/d from our previous Report and the fastest pace in five years, as economic growth solidifies and consumers respond to lower oil prices. Persistent macro-economic strength supports above-trend growth of 1.4 mb/d in 2016.