The Anglo-Dutch energy giant is betting on crude rising to $90 a barrel by 2020, a key assumption in its move to buy rival BG Group (BG.L) for $70 billion to help transform it into a leading player in the costly deepwater oil production and liquefied natural gas (LNG) markets.

Rotterdam, Europe's largest port, said on Thursday that plans to build a Russian-backed 3 million cubic meter oil storage terminal had been canceled after its Russian partner raised concerns over the project's feasibility.

Schlumberger Ltd.'s second-quarter earnings fell 30% on plunging revenue, as the oil-services sector continues to grapple with weak oil prices.

Low oil prices have tightened the screws on some of the most depleted and costly oilfields in Britain's North Sea, forcing operators to cease production earlier than planned and adding to fears of a domino effect in mature areas.

“It’s a serious problem not just for the United States but for the whole world economy. Debt exceeds gross domestic product there.”

OPEC pumped 31.28 million barrels per day in June, the fourth straight month since February that the group has added production.

The Organization of the Petroleum Exporting Countries said Monday it revised down the demand for its crude this year, to a level far below its current output, despite higher estimates for global consumption.

Massive oversupply is likely to push oil prices down even further, the International Energy Agency (IEA) said on Friday, adding that the rebalancing of the market was likely to last well into 2016.

U.S. Rig Count is up 1 rig from last week to 863, with oil rigs up 5 to 645, gas rigs down 2 to 217, and miscellaneous rigs down 2 to 1.

Over the past decade, domestic refinery output of petroleum products has grown significantly while consumption has declined, resulting in a major increase in product exports. Petroleum product exports averaged 4.1 million barrels per day (b/d) in the first four months of the year, an increase of 0.5 million b/d over exports the same time last year. Product imports are also higher than last year, but to a lesser extent, leading to an increase in net petroleum product exports.

HONGHUA GROUP issued a profit warning, expecting the net profit for the six months ended 30 June 2015 to decrease significantly as compared to that for the same period in 2014 and may record a loss.

Technip will reduce its global workforce by 6,000 employees and accelerate cost reduction and efficiency in “anticipation of an even more challenging environment in oil and gas.”

North Sea Brent crude oil prices averaged $61/barrel (b) in June, a $3/b decrease from May. Crude oil prices fell by about $4/b on July 6 in the aftermath of the "no" vote in Greece on the economic program, as well as lingering concerns about lower economic growth in China, higher oil exports from Iran, and continuing growth in global petroleum and other liquids inventories.

The economic battle that is currently taking shape will have global ramifications for many years to come. Energy is certainly playing a major role in this economic battle, with Moscow seeking to counteract the desire of Washington and Brussels to divide Russia from Europe. The Russian government unquestionably has massive power owing to the amount of energy exportation that it is involved in, and a lack of cooperation in this regard would certainly be damaging to numerous Western companies and countries alike.

After the cancellation of the South Stream natural gas pipeline last December due to the EU’s blockage of the project, Russia announced an alternative project called the Turkish Stream which will hit the shore on the European side of Turkey near Kıyıköy.