Kuwait's oil minister said on Tuesday he expected oil prices to continue rising, predicting gains in the final quarter of 2015 on the back of global growth.

Pro-development policies could increase cumulative local, state, and federal government revenue by over $1 trillion and lower average annual household energy expenses by $360 by 2035, according to the study. A path of regulatory constraints would lead to a cumulative decrease of $500 billion in government revenue from 2016 to 2035 and an increase of $242 in average annual household energy costs.

Declines in oil and natural gas extraction and support employment tend to lag declines in crude oil prices. As prices of North Sea Brent crude oil fell from their June 2014 level of $112 per barrel, firms reduced the number of new wells drilled and the associated workforce. The count of drilling rigs in the United States, as measured by Baker Hughes, totaled 857 for the week ending June 19, 54% below the same point a year ago and the lowest level in nearly six years.

From June 2014 to May 2015, when the oil and gas prices as measured by the PPI fell by 49%, the PPI by industry classification showed the following changes: - Rates for drilling activities, which primarily represent service fees for contractors to drill oil and gas wells, declined by 19.6%. - Rates for support activities, which include the surveying, cementing, casing, and otherwise treating wells, declined by 1.4%. - The price of sands primarily used for hydraulic fracturing declined 12.5%.

U.S. Rig Count is down 2 rigs from last week to 857, with oil rigs down 4 to 631, gas rigs up 2 to 223, and miscellaneous rigs unchanged at 3. U.S. Rig Count is down 1001 rigs from last year at 1858, with oil rigs down 914, gas rigs down 88, and miscellaneous rigs up 1. The U.S. Offshore rig count is 27, down 2 rigs from last week, and down 32 rigs year over year.

Deepwater oil projects and complex gas facilities worth around $200 billion have been cancelled or put on hold worldwide in recent months due to the sharp drop in oil prices over the past year, consultancy Ernst and Young said.

Large cuts in the energy industry have made news for the first two quarters of 2015. Halliburton cut 9,000 jobs in six months and reported a loss of $643 million in Q1 of 2015. Schlumberger reported even deeper cuts that tallied around 11,000 in efforts to reduce personnel employment 15 percent when compared to the third quarter of 2014.

Norwegian oil and gas company Statoil says it will lay off up to 1,500 staff and 500 consultants by the end of to slash costs.

Europe’s biggest oil groups are extending business deals with their Russian energy partners despite this month’s EU vote to continue imposing sanctions, highlighting how western companies are learning to live with the restrictions placed on Moscow.

The expected decrease in shale oil production this summer is causing oil prices to rise. According to the Drilling Productivity report released June 8 by the Energy Information Administration, the government is calling for a 91,000 less barrels per day of shale oil in July. Oil prices seemingly rebounded after the data was released. This news comes on the heels of a decline in oil prices on June 8 due to the Chinese oil crisis concerning oversupply and less demand.

U.S crude production will dip by as many as 300,000 barrels per day until early 2016 before ramping up again, according to the Energy Information Administration’s latest short-term energy outlook.

The most significant development on the supply side in 2014 was undoubtedly the continuing revolution in US shale. The US recorded the largest increase in oil production in the world, becoming the first country ever to increase average annual production by at least 1 million barrels per day for three consecutive years.

EIA forecasts Brent crude oil prices will average $61/b in 2015 and $67/b in 2016.

More than $100bn of investment has been deferred or scrapped in response to the near-50 per cent plunge in crude over the past year.

The Canadian Association of Petroleum Producers on Tuesday said it expects Canadian crude output—mostly from Alberta’s oil sands—to reach 4.96 million barrels a day by 2025. That forecast is less than the previous estimate of 5.6 million barrels a day and the 6.0 million barrels a day it had forecast back in 2013.