PetroChina, China's biggest listed oil company by assets, expected the supply and demand for global oil market would gradually become balanced in 2017 and international oil prices would "recover," the company said late Wednesday in a profits warning for the 2016 annual result.

"We urge the United States to respect the facts, speak and act cautiously to avoid harming the peace and stability of the South China Sea,"

India’s double-digit LNG import growth took a breather in the month of December, falling 2.9% on year, according to oil ministry’s Petroleum Planning and Analysis Cell.

Cnooc said it plans to lift capital spending to between Rmb60bn and RMB70bn this year, from budgeted capex of Rmb50.3bn in 2016. It intends to produce between 450m and 460m barrels of oil equivalent this year, compared with an estimated 476m last year.

China’s oil production is forecast to fall by as much as 7 percent this year, extending a record decline in 2016.

Consumption is expected to rise 7-8% this year, outpacing China's demand growth for the third consecutive year.

For the year, the world's third biggest oil consumer bought about 473,000 barrels per day (bpd) of oil from Iran to feed expanding refining capacity, up from 208,300 bpd in 2015, the data showed.

India and Japan should co-operate on long term contracts for LNG with a defined cost of energy which would provide a stabilizing factor for the renewable energy thrust that India is currently giving, Indian minister for power, coal, new & renewable energy and mines, Piyush Goyal said January 11 on the side-lines of the seventh India-Japan Energy Forum in New Delhi.

SHARES of China National Petroleum Corp and Sinopec rebounded during the week on reforms that are set to transform the two oil and gas giants into more competitive and market-focused entities.

China aims to raise the ratio of non-fossil fuel consumption to 14.3 percent in 2017, while cutting the ratio of coal to 60 percent.

According to latest data published by oil ministry’s Petroleum Planning and Analysis Cell (PPAC), LNG imports in October were 2.26bn m³, up almost 18.6% compared with the same month last year. Cumulative imports too remain substantially higher. For the April-October period, India’s LNG imports were 14.9bn m³, up by 25% on year.

China's state oil and gas majors are set to import record levels of liquefied natural gas (LNG) this month, betting on robust demand during the cold winter months and helping lift Asian prices to their highest in nearly two years.

Japanese refiners have received notices of crude supply cuts from "some producers" for January loading, following OPEC's November 30 decision to cut production.

Министр энергетики Российской Федерации Александр Новак принял участие в официальном визите Президента Российской Федерации Владимира Путина в Японию.

Rosneft and the China National Petrochemical Company (ChemChina) signed a Heads of Agreement on establishing a Joint Venture. The document was signed by Rosneft Chief Executive Officer Igor Sechin, and General Manager of ChemChina Yang Xingqiang.