With oil prices stuck at $50 per barrel, the Saudi Arabia’s annual export income will be around $130 billion lower this year in comparison to last year, Jason Tuvey, Middle East Economist at British economic research and consulting company Capital Economics said in a report obtained by Trend.

Estimated total U.S. oil and natural gas well completions decreased by 44 percent in the third quarter of 2015 compared to year-ago levels, according to API's 2015 Quarterly Well Completion Report, Third Quarter.

The outlook of gas supply prices to Europe was adjusted upward by more than 14% to $199 per 1,000 cubic meters for 2015, Russia’s Ministry of Economic Development said on Friday.

A Chinese holding company signed a letter of intent to purchase oil and gas assets in the Permian basin of West Texas for $1.3 billion through a limited liability partnership.

Russian Energy Minister Alexander Novak said on Friday Kremlin-controlled gas producer Gazprom has offered gas supplies to Iran under a swap arrangement, and similar oil deals were also under consideration.

U.S. Rig Count is unchanged from last week at 787, with oil rigs down 1 to 594, and gas rigs up 1 to 193.

Sending gas to Europe doesn’t make commercial sense for Iran, says Matthew Bryza, former US assistant secretary for South Caucasus and former US ambassador to Azerbaijan.

BP and China Huadian Corporation (Huadian) today signed a sale and purchase agreement for BP to sell Huadian up to 1 million tonnes of liquefied natural gas (LNG) per year worth up to $10 billion over the next 20 years.

PJSC LUKOIL press office announces the completion of drilling of the exploratory well Lira-1X and the discovery of a gas field in the Lira offshore structure, which is located at the Trident block (EX-30) in the deep-sea Romanian offshore. Exploration on the EX-30 block is conducted by LUKOIL Overseas Atash BV (100-% subsidiary of PJSC LUKOIL) within the framework of the Concession Agreement with the Government of Romania of 2011. Currently LUKOIL's share in the project is 72%, while PanAtlantic Petroleum Ltd owns 18% and Societatea Nationale de Gaze Naturale Romgaz SA owns 10%.

In an expansion of their ongoing global partnership, BP and China National Petroleum Corporation (CNPC) entered into a framework agreement on strategic cooperation covering potential shale gas exploration and production in the Sichuan Basin and future fuel retailing ventures in China and other international partnerships.

The plan appears to be working. Oil remains 33 percent lower than when OPEC revealed its strategy on Nov. 27, trading for $48.38 a barrel at 10:13 a.m. in London Wednesday. U.S. crude production has retreated about 500,000 barrels a day from the three-decade peak reached in June to 9.1 million a day in the week to Oct. 9, according to data from the Energy Information Administration.

Russia, Kazakhstan and Azerbaijan all have safety cushions of income from oil and gas to help in the hard times of benchmark Brent crude under $50 a barrel.

Russia supplied a record amount of crude oil to China in September, surpassing Saudi Arabia for the second time as the top seller to the Asian giant, customs data showed, boosted by demand from independent refiners.

The API Director of Upstream Erik Milito released the following statement regarding the Obama administration’s decision to deny Arctic offshore development extension requests and scheduled 2016 and 2017 Arctic lease sales

Saudi Arabia's crude oil exports fell by 278,000 barrels per day in August, despite historically high wellhead production, while volumes of shipped refined oil products rose to a record high, official data showed on Sunday.