The total US rig count, which on Friday stood at 476, is now at its lowest point ever in the 67-year history of the Baker Hughes numbers, according to data released by the oilfield service company.

Looking at the outcome of the sensitivities Mr Tomnay offers in closing: “Russia's export strategy will be a key determinant of US LNG export capacity utilisation, but the Russian pursuit of European market share to drive out US LNG from Europe seems either uneconomic and/or impractical under different external conditions. Instead other factors such as the price of US gas, oil and European coal prices will likely be greater determinants of US LNG export capacity utilisation. Subject to these factors alone, average utilisation of US LNG export capacity between 2017-20 could vary from 54-100%. For US LNG exporters, the best thing to happen would be for global coal prices to rise, or for US gas prices to stay low."

“Despite some mitigating factors, lower oil prices are, on the whole, not favorable for Canada,” the study says, suggesting, “For every Canadian-dollar gain in WTI price, Canadian GDP would gain almost $1.7 billion on average.”

Petroleum exploration activity in Australia has collapsed in the wake of the plunge in global oil prices over the last 18 months, a period in which the country's crude production has fallen to its lowest level in 45 years, according to a report released Wednesday at an industry conference in Sydney.

European utility company E.ON made a net loss of €7bn during 2015, it announced March 9, with underlying net income of €1.6bn. This was similar to 2014 but it also took an €8.8bn impairment charge mainly related to its struggling generation assets.

Oil prices fell on Tuesday on weak Chinese trading data, but Brent remained over $40 a barrel after jumping to 2016 highs the previous day when producers announced talks to support the market and investors opened new bullish bets.

Global crude markets will see a correction before the end of this year as current prices are forcing all producers to freeze their production, the United Arab Emirates’ energy minister Suhail bin Mohammed al-Mazrouei said Monday.

China's crude oil imports in February rose 20.2 percent on a daily basis compared to same month last year, reaching a new record, official customs data showed on Tuesday.

Indian oil demand, meanwhile, grew by 300,000 b/d last year after rising by 100,000-150,000 b/d/year in the previous decade.

Crude oil production in April from the seven major US shale regions is expected to fall 106,000 b/d to 4.87 million b/d, according to the US Energy Information Administration’s latest Drilling Productivity Report (DPR). That includes a 4,000-b/d drop in the Permian to 2.04 million b/d.

U.S. Rig Count is down 13 rigs from last week to 489, with oil rigs down 8 to 392, and gas rigs down 5 to 97. Canadian Rig Count is down 46 rigs from last week to 129, with oil rigs down 33 to 50, and gas rigs down 13 to 79.

In addition to Vietnam, Rosneft also has oil-producing assets in Venezuela and Canada. It has exploration prospects in several other countries, including in Mozambique and the US in partnership with ExxonMobil.

The first was that Europe has a multiplicity of suppliers and that, in terms of gas at least, its energy security is good; the second is that Statoil does not pursue a market share policy but instead focuses on the need for a predictable market environment to enable it to maintain current levels of piped gas deliveries to Europe for the next 20 years or so.

The first shipment of Iranian crude oil to the European Union in more than three years is poised to depart as soon as Monday, Iranian officials said.

China's crude oil imports fell 20 percent in January from record high volumes the previous month to their lowest level since October, official customs data showed on Monday.