Gazprom would need to bring spot gas prices below $4 per million British thermal units (mmBtu), versus around $5.65 per mmBtu now, to shut Europe off to U.S. imports - a level Goldman Sachs expects could be reached by 2018/2019.

Iran said in September it had approved a draft of international oil and gas contracts to attract foreign investors and oil buyers once international sanctions are lifted but has not provided details so far.

The cost to hire a supertanker - each capable of carrying 2 million barrels of oil - recently hit its highest level since 2008 at over $100,000 a day last month and currently remains at over $70,000 a day.

Rosneft, a company led by Igor Sechin, said that in the first nine months of 2015 it produced 45.92 billion cubic metres (bcm) of gas, increased from 40.87 bcm in the same period last year. On Friday, Gazprom reduced its 2015 forecasts to 427 bcm, a significant decrease on its forecasts released six months ago,which expected production for the year to reach 485 bcm.

Saudi Arabia has started shipping crude to traditional Russian markets like Poland and Sweden, but supplies to Europe from the world’s largest exporter won’t increase by enough to reduce prices. In contrast, a surge in Iranian exports after the lifting of sanctions could erode the value of Russian shipments to the region as soon as next year.

Chevron Corp. is planning to lay off up to 1,000 employees working in the neutral zone between Saudi Arabia and Kuwait, as a dispute between those countries has halted all work on oil fields for several months, according to people familiar with the matter.

The world’s six largest publicly traded oil producers have more than a half-trillion dollars in stock and cash to snap up rival explorers.

The process of adjustment in the oil market is rarely a smooth one, but, in central scenario, the market rebalances at $80/bbl in 2020, with further increases in price thereafter.

EIA forecasts that Brent crude oil prices will average $54/b in 2015 and $56/b in 2016. The 2015 forecast price is unchanged from last month's STEO, and the 2016 forecast price is $2/b lower. Forecast West Texas Intermediate (WTI) crude oil prices average $4/b lower than the Brent price in 2015 and $5/b lower in 2016. The current values of futures and options contracts for February 2016 delivery (Market Prices and Uncertainty Report) suggest the market expects WTI prices to range from $35/b to $66/b (at the 95% confidence interval) in February 2016.

OPEC’s share of the global oil market will expand from 2020 as prices recover to $80 and supply outside the group stagnates due to spending cuts, according to the International Energy Agency.

Long-term oil market fundamentals remain robust but prolonged low prices could threaten security of supply and pave the way for a price spike, Saudi Arabia's vice oil minister said

The oil and gas industry has cut $200 billion from investments this year as low prices discourage new projects, leading to cuts in crude supplies equal to half the daily output of Saudi Arabia, according to the kingdom’s Prince Abdul Aziz bin Salman.

This decision will cost thousands of jobs and is an assault to American workers. It’s politics at its worst.

- Production averaged approximately 667,000 boe per day, an increase of 3% year over year, adjusted for asset sales - Adjusted net loss of $0.05 per fully diluted share and adjusted ebitda of $560 million - 2015 total production guidance increased to 670 – 680 mboe per day - 2015 production expense and general and administrative expense guidance lowered significantly - 2015 capital guidance reduced to $3.4 – $3.9 billion

U.S. Rig Count is down 4 rigs from last week to 771, with oil rigs down 6 to 572, and gas rigs up 2 to 199. U.S. Rig Count is down 1,154 rigs from last year at 1,925, with oil rigs down 996, gas rigs down 157, and miscellaneous rigs down 1 rig. The U.S. Offshore rig count is 32, down 1 rig from last week, and down 21 rigs year over year.